Bitcoin Surges Above $104k as Fed Holds Rates Steady

TL;DR

• BTC is up nearly 3% and trading above $104k per coin.

• The U.S. Federal Reserve kept interest rates steady at the 4.25%-4.50% range.

BTC Tops $104k as Fed Keeps Rates Steady

The cryptocurrency market is bullish again following a poor start to the week. Bitcoin, the leading cryptocurrency by market cap, is up nearly 3% in the last 24 hours, allowing it to climb back above $104k per coin.

The positive performance comes as the Federal Open Market Committee (FOMC) did what many economists and traders predicted. The U.S. Federal Reserve kept interest rates steady at the 4.25%-4.50% range. In its statement, the apex bank said,

"In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 4.25% to 4.5%. Recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid, inflation remains somewhat elevated."

While speaking about the possibility of further rate cuts, the Fed said, 

"In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals." 

With Bitcoin above $104k, altcoins are also in the green. Ether is approaching $3,200 after adding 1% to its value. Solana’s SOL and Cardano’s ADA are the best performers in the top 10, up 3% each. Dogecoin, Tron’s TRX, BNB, and XRP are up 1% each over the last 24 hours. The total cryptocurrency market cap now stands at $3.54 trillion, up 2.3%.