Bitcoin fell after the Federal Reserve announced it would maintain the benchmark interest rate at 5.25%‑5.50% during its June 14, 2023 meeting, prompting a sharp pullback across major crypto assets.
Federal Reserve Decision and Immediate Reaction
The Federal Open Market Committee voted unanimously (12‑0) to keep the target range unchanged, marking Jerome Powell’s first policy meeting following the latest inflation reports. Updated economic projections signaled a slower pace of future rate cuts, a tone that unsettled risk‑on investors. The hawkish outlook triggered a sell‑off that rippled through the crypto market.
Crypto Price Movements
Bitcoin traded around $64,206, reflecting a 2.54% decline over the previous 24 hours. Ether dropped 2.8%, while XRP and Solana each slipped roughly 3%, according to CoinGecko data. Hyperliquid’s HYPE token, which had reached a fresh all‑time high a day earlier, retreated 1.5% to $72.
Market Impact and Outlook
The GM