The decision regarding the main interest rate in the United States was announced yesterday and as expected, the Federal Reserve (Fed) did not surprise the market. Bitcoin continued to try to break through the $105,000 level, experiencing some price fluctuations, while the altcoin market remained flat.
As of this writing, the price of Bitcoin is around $104,800, up a little by 0.2% in 24 hours. The major cryptocurrency managed to drop to $103,600 before being bought back by investors, which then pushed the price to a close to $105,000.
This happened after the Federal Reserve maintained interest rates in the range of 4.25% to 4.5%, as expected by the majority of traders. According to Polymarket, the probability of the Fed cutting rates by 25 basis points is less than 1%.
However, the latest FOMC statement contains a significant change in tone. The Fed has now raised its inflation forecast to 3%, lowered its 2025 GDP forecast to 1.4%, expects a 50 basis point rate cut this year, and has set interest rates at 3.6% in 2026 and 3.4% in 2027. At the same time, political pressure has increased as Donald Trump has criticized Fed Chairman Jerome Powell and claimed the country is losing billions of dollars due to the Fed's refusal to cut rates.
The altcoin market has remained sluggish with most assets not recording significant movements in the past 24 hours. However, Uniswap's UNI token jumped more than 5% and OKB rose almost 8%, while Hyperliquid's HYPE continued to fall 7%, currently trading below $38.
