Breaking: Bitcoin Reacts to Fed's Rate Decision

The price of Bitcoin, the leading cryptocurrency, remains flat following the latest rate decision. The leading cryptocurrency is currently changing hands at $84,231 on the Bitstamp exchange. The cryptocurrency is still up by roughly 1.5%.

The Fed has left the key interest rate unchanged in the 4.25-4.50% range, which is in line with analysts' expectations.

The latest FOMC statement says that "uncertainty around the economic outlook has increased."

It is worth noting that four Fed officials now expect zero rate cuts in 2025. The median forecast shows 50 basis points of rate cuts this year.

The central bank has also significantly reduced its 2025 GDP growth projection to just 1.7%.

"As expected, the Fed left interest rates unchanged and paused QT. Officials increased their inflation forecasts and lowered their growth projections — and both were far from insignificant, with the growth cuts exceeding the inflation rises," economist Mohamed Abdullah El-Erian commented on social media.