{"id":559383,"date":"2024-08-01T09:21:11","date_gmt":"2024-08-01T09:21:11","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=559383"},"modified":"2024-08-01T09:21:11","modified_gmt":"2024-08-01T09:21:11","slug":"bitcoin-plunges-3-as-fed-keeps-rates-unchanged-and-powell-hints-at-september-rate-cut","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-plunges-3-as-fed-keeps-rates-unchanged-and-powell-hints-at-september-rate-cut","title":{"rendered":"Bitcoin Plunges 3% As Fed Keeps Rates Unchanged And Powell Hints At September Rate Cut"},"content":{"rendered":"

The Bitcoin price plunged 3% over the past 24 hours to lose the key $65K support as the US Fed kept rates unchanged and Chair Jerome Powell hinted at a September rate cut.<\/span><\/p>\n

Following the pullback by the <\/span>BTC<\/span><\/a> price, the <\/span>leading crypto<\/span><\/a> is trading at $64,254.51 as of 3:55 a.m. EST. <\/span><\/p>\n

\"Bitcoin<\/p>\n

Crypto Market Cap Slips As Investors Adjust Their Portfolios After Fed Decision<\/span><\/h2>\n

The Federal Open Market Committee (FOMC) decided to leave interest rates at 5.25% to 5.5%. <\/span>But risks that the labor market weakens further is prompting the Fed to open the door to a possible rate cut next month.<\/p>\n

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Jerome Powell (Fed Chair):
– \"A reduction in our policy rate could be on the table as soon as the next meeting in September.\"#FederalReserve<\/a> #FOMC<\/a> #Video<\/a> pic.twitter.com\/ICCnljanQP<\/a><\/p>\n

— Kevin Svenson (@KevinSvenson_) July 31, 2024<\/a><\/p><\/blockquote>\n