Bitcoin Unchanged After Fed Rate Hike

On July 26, the U.S. Federal Reserve (Fed) raised the target range for the federal funds rate by 25 basis points to 5.25-5.50%.

Earlier, the U.S. Bureau of Labor Statistics noted that the consumer price index on a year-over-year basis slowed from 4% to 3%. In this context, Fed chair Jerome Powell said that the central bank would continue to raise interest rates, but not as aggressively as before.

The Nasdaq Composite, the S&P 500, and the Dow Jones Industrial Average rose modestly in response to the Fed decision, adding less than 0.5%.

The crypto market calmly absorbed the Fed’s continued policy. According to CoinGecko, the prices of the largest-capitalization digital assets did not show significant movement.

Earlier, after the Fed decision on June 14 to keep the target range, bitcoin briefly fell below the $26,000 level.