look news india
Mumbai: Major cryptocurrency Bitcoin slipped below $1,00,000 after the US Federal Reserve hinted at a slow pace of interest rate cuts in 2025, although it once again bid above $1,00,000. Federal Reserve Chairman Jerome Powell’s statement that the Federal Reserve will not be allowed to create Bitcoin reserves also unsettled crypto players.
In the last twenty-four hours, Bitcoin was quoted at $101,690 late in the evening, with a low of $98,868 and a high of $105,353.
At the end of the two-day meeting, the Federal Open Market Committee cut interest rates by 25 basis points (bps) and hinted at two more bps cuts in 2025. Whereas the market was expecting a decline of one percent in 2025.
Interest rates in the US have now fallen to the range of 4.25 to 4.50 percent, which is equal to the level of December 2022.
Given the possibility of inflation increasing due to US President-elect Donald Trump’s proposed economic policy, there are indications that interest rate cuts will be slow in 2025.
Meanwhile, speaking to reporters after the two-day meeting, Powell said that the Fed has no permission to collect Bitcoin.
“Congress needs to consider this issue, and here at the Federal Bureau of Investigation, we do not want to change the law,” Powell said.