Bitcoin (BTC), the leading cryptocurrency, is hovering above the $104,000 level after the U.S. Federal Reserve decided to keep the benchmark interest rate unchanged for the fourth time in a row.
The Fed’s median forecast shows two interest rate cuts totalling 50 basis points this year. Meanwhile, futures traders are pricing in a 71% chance of a rate cut in September.
The Fed has lowered its 2025 GDP estimate, predicting that the U.S. economy would grow by only 1.4% in 2025.
The most influential central bank also projects U.S. inflation to be around 3% this year, which is well above the Fed’s 2% target.
