Bitcoin fell to $66,000 (90 million won) following the U.S. Federal Reserve's (Fed) announcement of an interest rate freeze.
As of 2 p.m. on the 14th, Bitcoin recorded 94.51 million won on Upbit, a domestic virtual asset exchange. It is being traded at 94.46 million won on Bithumb. CoinMarketCap, a virtual asset market relay site, showed $66,727.
At the same time, Ethereum recorded 4.95 million won on Upbit and 4.95 million won on Bithumb. It was traded at $3498 on CoinMarketCap.
As expectations for an interest rate cut grew, the price of Bitcoin also showed an upward trend. The U.S. Consumer Price Index (CPI) in May fell below expectations, and the Producer Price Index (PPI) also fell, increasing the possibility of an interest rate cut.
However, the price of Bitcoin fell due to the Federal Reserve's decision to freeze the benchmark interest rate of 5.25-5.50% per year at the Federal Open Market Committee (FOMC) regular meeting. In particular, the market's disappointment was further heightened by the news that the number of interest rate cuts within the year was reduced from 3 to 1 in the dot plot that compiled the Federal Reserve members' interest rate forecasts.
“Recent indicators show that economic activity is expanding at a solid pace,” the Federal Reserve said. “Although prices are still rising, recent indicators show that additional progress is being made consistent with the Committee’s goal of a 2% inflation rate.” .
