LATEST NEWS: FED announces important decision on interest rates! Good or bad for Bitcoin?

As of today, inflation data from#USAhas been tracked across traditional financial markets and the crypto sector. The announcement of below-expected inflation (3.3%) has allowed crypto assets to show upward movements.

Recently, the US Federal Reserve (FED) announced a new interest rate decision.#FEDannounced that interest rates will be kept unchanged at 5.50%, in line with expectations.

The US Federal Reserve (FED) included the following information in the economic report shared along with the interest rate decision:

** We do not believe it is appropriate to reduce the scope of the policy target until there is greater confidence that inflation will move sustainably towards 2%.

** Despite the lack of progress noted in the May 1 statement, modest progress was made toward the 2% inflation target.

** Fed policymakers predict GDP growth of 2.1% and unemployment of 4% in 2024; both were unchanged from March.

Although the#FEDdid not make a surprise decision, the leading cryptocurrency#Bitcoin(BTC) faced selling pressure and fell to $68,800.

Seconds later it was revealed that this drop was a shaking motion. After liquidating long positions, BTC made up for a significant portion of the recent decline.

As of now, all eyes in the cryptocurrency market are focused on Fed Chairman Jerome Powell's press conference.