Bitcoin returns to $98K as Fed holds rates steady despite Trump’s demand
Bitcoin’s price wobbled after the Federal Reserve kept interest rates unchanged but bounced back and reclaimed $98,000 shortly after.
Bitcoin has reclaimed $98,000 for the first time in almost three months after the US Federal Reserve said it would keep interest rates the same for another month.
The Fed’s decision to keep interest rates unchanged comes despite mounting pressure from US President Donald Trump, who just weeks ago threatened to fire Fed chair Jerome Powell for being “too late” in cutting rates.
Powell said on May 7 that the Federal Reserve rate-setting committee held rates in the 4.25% to 4.50% range due to the rising risks of higher unemployment and higher inflation.
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