Fed holds rates amid higher inflation outlook: Bitcoin bounces to $72K
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Bitcoin’s pre-FOMC sell-off eased as the US Federal Reserve's choice to leave interest rates unchanged was followed by a swift bounce in BTC price.
Bitcoin’s (BTC) bullish start to the week faced a halt on Wednesday, as BTC dropped 3.4% to $70,900 alongside an overarching sell-off in US stocks.
The correction followed a hotter-than-expected Producer Price Index (PPI) report, which was 0.7% higher than the 3.4% year-on-year estimate. Despite the selling, data shows BTC spot market demand holding steady, with buyers stepping in to absorb the selling pressure and proof of this appetite being reflected by Bitcoin reclaiming $72,000 after Federal Reserve minutes highlighted their decision to leave interest rates unchanged.
While the market consensus had tilted toward the Fed choosing to pause on interest rate changes, market volatility in oil prices, equity markets, and persistent tension over the recently started US and Israel-Iran war had traders on edge.
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