Fed Holds Rates Steady as Crypto Markets Await Clarity

The Federal Reserve held interest rates steady for the fifth meeting in a row. The Open Markets Committee met to set interest rates, and while there was a 35% chance of a rate hike beforehand, the committee ultimately decided against it.

Three members of the committee dissented from this decision, voting in favor of a rate hike. They cited 'increased uncertainty due to higher energy prices' as their reason for doing so.

This decision has implications for crypto markets, with Bitcoin recovering some losses after falling as low as $63,600 beforehand.

The next meeting is expected to be more contentious, with several data points set to influence the committee's decision. One key factor will be the Senate's passage of the CLARITY Act, a landmark regulation package backed by major firms like BlackRock and Goldman Sachs.