The Federal Reserve kept the benchmark interest rate at 4.25% as expected, but Chairman Jerome Powell tempered expectations for a potential rate cut in September, emphasizing that the priority is to curb inflation, not to reduce the cost of government borrowing or mortgage loans that Trump is calling for cuts to.
Powell's remarks shook the cryptocurrency market, as the price of Bitcoin fell to $116,000, and other currencies like XRP, ETH, and Solana also dropped, leading to the liquidation of leveraged financial bets in the futures markets.
