Crypto market slips as Fed keeps rates unchanged
The crypto market responded cautiously to news that there would be no interest rate cut. Ahead of the Federal Open Market Committee (FOMC) meeting, the cryptocurrency market dipped slightly, and after the Federal Reserve left rates unchanged, the market continued a moderate decline.
At the time of writing, according to CoinMarketCap, Bitcoin had fallen by over 1% and was trading around $116,250. Ethereum dropped more than 2% in an hour to $3,725, and other major altcoins declined by 2–4%.
Price dynamics of the top 5 largest cryptocurrencies
Speaking to Decrypt, BitBull Capital CEO Joe DiPasquale said the market had largely priced in the Fed’s decision to hold rates steady this month. Investors are now closely watching Powell’s post-meeting press conference and any signs of a shift in the Fed’s expectations.
Powell stays the course
Indeed, the CME FedWatch tool had previously estimated a 97% chance that the central bank would leave rates unchanged, with rate cuts only seen as more than 50% likely in one of the next three meetings in 2025.
Still, ahead of the latest meeting, two Fed board members — Christopher Waller and Michelle Bowman — indicated their support for lowering rates.
Meanwhile, Donald Trump continues to pressure Jerome Powell, reportedly appealing to his ego and calling for his resignation. But the Fed chair remains steady, ignoring Trump’s tariff arguments and responding only to data — which is increasingly unsupportive of rate cuts.
The Consumer Price Index (CPI) for June, released earlier this month, rose 0.3% from the previous month, reaching 2.7% year-over-year — the highest since February and well above the Fed’s long-standing 2% target.
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