$BTC Bitcoin returned to $98,000 and the Fed will maintain rates despite Trump's demands

The price of Bitcoin wavered after the Federal Reserve kept interest rates unchanged, but it rebounded and returned to $98,000 shortly after.

Bitcoin returned to $98,000 and the Fed will maintain rates despite Trump's demands

MARKET NEWS

Bitcoin has recovered $98,000 for the first time in almost three months after the Federal Reserve of the United States announced that it would keep interest rates unchanged for another month.

The Fed's decision to keep interest rates unchanged comes despite growing pressure from U.S. President Donald Trump, who a few weeks ago threatened to fire the Fed Chair, Jerome Powell, for being 'too slow' in cutting rates.

The Fed cites rising unemployment and inflation risks

Powell said on May 7 that the Federal Reserve's rate-setting committee kept rates in the range of 4.25% to 4.50% due to the increasing risks of higher unemployment and rising inflation.