Bitcoin price fell below $42 thousand after the Fed meeting
The Bitcoin (BTC) rate dropped by more than 3% on the night of February 1, immediately dropping to $41,880 in pairs with the stablecoin Tether USD (USDT) on the Binance exchange. Then BTC partially recovered its losses, and at 9:30 Moscow time the first cryptocurrency was trading at $42.1 thousand.
Following a two-day meeting on January 30–31, the US Federal Reserve again left the rate in the range of 5.25–5.5%. Fed Chairman Jerome Powell said easing monetary policy too quickly or too much could reverse progress on inflation and ultimately require even tighter monetary policy to bring inflation back to 2%.
The second largest cryptocurrency Ethereum (ETH) corrected to $2.26 thousand over the course of the day, having lost about 3% in price over the course of the day. The local maximum for “ether” was reached on January 12 at $2,719 as investors waited for US regulators to approve spot ETFs for Ethereum, applications for which were submitted by BlackRock, Grayscale and Fidelity Investments.
