Bitcoin fights to stay above $58,000 as Fed maintains unchanged rates Quick Take
The Federal Reserve has opted to maintain the fed funds rate within the range of 5.25% to 5.50%. Preceding this decision, Bitcoin experienced a decline from approximately $64,000 to a low of around $56,500. Presently, Bitcoin is trading at approximately $58,000.
Following the decision, notable movements have been observed in crypto equities. Coinbase shows a rise of over 3%, while Marathon Digital Holdings sees an increase of above 2%.
Additionally, the Ethereum to Bitcoin ratio stands firmly above 0.051, over 3% higher on the day. Concurrently, the DXY index has gradually declined to just above 106.
Based on the CME Fed Watch tool, it is now anticipated that the Federal Reserve will maintain its current stance until September, with the first rate cut projected for November.
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
Latest Insights
In this insight
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
