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The Federal Reserve (FED) keeps the Intrerest Rate unchanged, Bitcoin breaks through 98,000 USD.
According to ChainCatcher news and Cointelegraph reports, the Federal Reserve (FED) announced to keep the federal funds interest rate unchanged at 4.25%-4.50%. FED Chairman Powell emphasized that inflation will rise, reaching the 2% target, but the economy remains solid. The market expects interest rates to rise to 3.6% by the end of 2025. Despite pressure from President Trump to cut rates, the FED still decided to maintain the interest rate. As a result, the price of Bitcoin experienced significant fluctuations, dropping to $95,866 on May 7 and quickly rebounding to above $98,000, reaching a near three-month high. The sentiment in the cryptocurrency market has turned to "greed," with $4.41 billion flowing into spot Bitcoin ETFs in nearly six weeks. Analysts warn that if The Federal Reserve (FED) delays interest rate cuts until 2025, Bitcoin could face the risk of falling back to $70,000.