Fed Holds Interest Rates Steady, Bitcoin Price Surges to New Heights

The US Federal Reserve's decision to keep interest rates unchanged has sent Bitcoin prices soaring. On Thursday, July 29, the Federal Reserve maintained its federal funds rate at 3.5%-3.75% for the fifth consecutive meeting.

This decision was viewed as relatively hawkish, with three of the 12 policymakers dissenting in favor of a 25-basis-point rate hike. However, the market's reaction was mixed, with equity indices dropping by about 1.5% to 2.0%, while bond yields moved up between 7 to 10 bps.

Despite this, Bitcoin traded higher after the US dollar and benchmark 10-year Treasury yields strengthened following the Federal Reserve's policy decision. The cryptocurrency was trading at around $64,400 in the morning of Thursday.

The CoinDCX Research Team noted that Bitcoin maintains a consolidated ascending trend as the price forms higher highs and lows. The team also observed that Ethereum prices surged above $1900, while top gainers for the day included Pin with over 6.47% jump, Uniswap with 5.93%, and Jupiter with 4.25%. Meanwhile, KAITO dropped by 6.29%, Audiera by 5.25%, and Morpho by 4.34%.

ARK Invest's top researcher predicted a lot of pain for the crypto sector, including potential bankruptcies and acquisition activity, as inflows to Ethereum ETFs continue. However, this was not reflected in the current market trend, with Bitcoin prices remaining high despite the Federal Reserve's decision.