Bitcoin prices were unaffected by announcements from a Federal Reserve body, remaining roughly around $23,000 following the news, reports revealed.
The Federal Reserve’s Federal Open Market Committee (FOMC) announced on Wednesday it had increased federal fund rates 25 basis points to roughly 4.5 percent to 4.75 percent.
In its statement, the FOMC said that the US received “modest growth in spending and production,” along with low unemployment and high job gains.
It also cited the ongoing Russo-Ukrainian war, which caused “tremendous human and economic hardship” and “elevated global uncertainty.”
From Inflation to Elation
The Committee also aims to return inflation to 2 percent in the long term by raising federal fund rates, with additional increases in the future.
It explained, stating,
“In determining the extent of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.
According to analysts, the Federal Reserve could increase basis point rates in 25 point increments once or twice before ceasing measures.
Despite this, Bitcoin remained high amid the news, with Twitter users commenting on the matter. One person stated that crypto had made a “new high” after the meeting.
The user added: “Bitcoin, though, has been stronger than we expected, as it didn’t go down to 22200. After consolidating for a while, it looks ready to go higher.”
The news comes as Bitcoin maintains an upswing in value after recouping from a bearish 2022 market. In January, the cryptocurrency surpassed $23,000 multiple times, indicating a slow return to bullish markets.
