In a predictable response to the US Federal Reserve’s decision, the Bitcoin price saw a significant surge on Wednesday. The Federal Reserve opted to keep interest rates at their current level of 5.25%-5.50%, meeting market expectations.
The move represents the fourth rate pause this year. The Fed's statement highlighted concerns about tighter financial conditions and suggested they could hurt economic activity and inflation.
Bitcoin, the leading cryptocurrency, saw a 3% surge over the past 24 hours, reaching $42,428 as of 2:00 p.m. in New York. This rally follows a market pullback in early December, when Bitcoin hit its yearly high of over $44,300.
The positive reaction of the cryptocurrency market reflects renewed investor confidence following the Federal Reserve's announcement.
The global cryptocurrency market capitalization increased by 1.2% over the past 24 hours, reaching an impressive $1.65 trillion.
This growth underscores the continued resilience and attractiveness of cryptocurrencies for investors, even in an environment of economic uncertainty marked by the Federal Reserve's decisions.
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