How Did Bitcoin React to the Fed's Decision?
Last Wednesday, the Federal Reserve made a decision on the key rate. Momentum Bitcoin reacted by falling below $67,000.
On June 12, the Fed met and decided to leave the rate unchanged for the sixth consecutive time. The last time the Fed changed the rate was in November 2023. Before the current meeting, US Senators asked Jerome Powell to ease monetary policy.
Before the FOMC meeting, Bitcoin rose to $69,000. However, after the announcement of the decision to leave the interest rate unchanged, the main cryptocurrency sharply lost $2,000 in value, falling below $67,000. At the time of writing, the asset has started to recover and is nearing the $67,300 mark.
The fluctuations in the market caused movements among whales. Large investors took advantage of the price drop and accumulated a total of $1.4 billion. Bitcoin whale accounts saw inflows of between 1,300 and 2,200 BTC per day as the asset fell from over $71,600 on June 7 to $69,000. The latest drop led to even more Bitcoin accumulation, with 20,600 BTC appearing in the whales' accounts.
