Bitcoin Surges Past $65K After Fed Holds Interest Rates Steady

Bitcoin prices briefly surged past $65,000 after the Federal Reserve decided to hold interest rates steady. The cryptocurrency reached a daily peak of $65,100 before facing selling pressure and settling around $64,700.

The market capitalization of Bitcoin pushed to over $1.3 trillion as a result, putting it on track for an over 10% gain in July.

However, some analysts are cautioning that ongoing U.S.-Iran tension and higher crude oil prices could prompt the Fed to raise interest rates, which would be a headwind for risk assets like Bitcoin.