Crypto Prices Soar After Fed Leaves Interest Rates Unchanged

The U.S. Federal Reserve's decision to hold interest rates unchanged has sent shockwaves through the cryptocurrency market, causing prices of leading assets like Bitcoin (BTC) and Ethereum (ETH) to surge.

In a closely watched move, the Fed voted 9-3 in favor of maintaining its key Fed Funds Rate at a range of 3.50% to 3.75%, giving risk assets like crypto a much-needed boost.

Crypto prices had been under pressure this week due to concerns over a potential interest rate hike, but the reprieve has sent them rebounding. Bitcoin's price is now up 2% at $64,800 USD, while Ethereum is trading at $1,930 USD, a gain of 1%.

The market had been pricing in two 25-basis point increases from the Fed this year, one in September and another in December. However, for now, crypto investors can breathe a sigh of relief as they wait to see what the future holds.