Crypto Market Reacts to Fed's Decision on Steady Interest Rates Amid Stubborn Inflation

By: Eva Baxter

The Federal Reserve is leaving its key interest rate untouched, remarks that illustrate continued economic strength and persistent inflation. As a result, hopes for potential interest rate cuts in 2024 are fading away.

Consequently,

The Bitcoin and Ethereum have shown minimal reaction to this development, with both cryptocurrencies continuing to trade sideways. This comes during a time when inflation trends in the U.S are more stubborn than estimated, and the central bank maintains its interest rate at a record high for over 23 years.