Bitcoin experienced a bout of volatility following federalreserve's decision to pause rate hikes
experienced a period of marked volatility in response to the latest decision by the Federal Reserve to pause its rate hike campaign, according to details disclosed through a series of tweets. The world's most valuable cryptocurrency briefly peaked at $26,098 before plummeting to an intraday low of $25,753, within minutes.
Notably, the Federal Reserve's decision came as no surprise for market participants who were not bracing for a potential hike. The Fed held the federal funds rate steady at 5.25% but signaled the arrival of two more rate increases later in the year. In a detailed disclosure, the Federal Reserve's officials predicted an inflation rate of 3.2% at the end of 2023, which is expected to drop to 2.5% by the end of 2024. They also anticipate a core inflation rate of 3.9% at the end of 2023, falling to 2.6% by the end of 2024.
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