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🔥🚨#Fed Chairman Powell said the latest inflation data was "in line with what they wanted" and reflected positively on Bitcoin
The price of Bitcoin rose above $ 58,000 on Wednesday after the US Federal Reserve kept interest rates at their current levels on Wednesday.
The Federal Open Market Committee did what the majority of analysts had predicted and kept the benchmark federal funds rate between its current Decile of 5.25% and 5.50%. "To support its objectives, the Committee decided to keep the federal funds rate Decembers in the range of 5.25% to 5.50%," the central bank said in a statement.
Regarding the possibility of a rate cut, the central bank said, "The committee does not expect that it will be appropriate to reduce the December until we gain more confidence that inflation is moving towards 2% on a sustainable basis."
Slower rate of decline of securities
"In addition, the Committee will continue to reduce its holdings of Treasury securities and agency debt and agency mortgage-backed securities. Starting in June, the Committee will reduce the monthly redemption limit on Treasury securities from $60 billion to $ 25 billion, slowing the pace of decline of securities holdings, "the statement said.
The statement said it would keep the monthly redemption limit on agency debt and agency mortgage-backed securities at $35 billion and reinvest principal payouts exceeding that limit in Treasury securities.
Increase in Bitcoin short liquidations
Bitcoin is standing precariously around $58,000 with a sudden increase in BTC short liquidations observed in the last hour. The shorts bore the brunt of the recent liquidations with $6 million out of $6.8 million liquidated in the last hour.
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