Fed Stands Pat as Bitcoin Holds Steady Amid Interest Rate Uncertainty

Bitcoin's price barely budged on Wednesday following the Federal Reserve's decision to keep interest rates unchanged. The leading cryptocurrency was trading at close to $64,402 per coin, having moved up by nearly 1% in the hour after the announcement.

The Fed had signaled that it would maintain its current stance, and it did just that, leaving the federal funds rate in the 3.50%-3.75% range. This move was expected, with three of the 12 members of the policy-setting Federal Open Market Committee preferring a quarter-percentage-point hike at this meeting.

Fed Chair Kevin Warsh, who took over in May, spoke to the press after the announcement and emphasized that the central bank is committed to its goals. He stated that the July rate decision was 'a rigorous review of the economic situation' and that he wouldn't characterize it as a pause.