US Fed Meeting Impact LIVE: How every market reacted to a hawkish Powell

Following the softer-than-expected CPI release earlier in the day, the Fed’s new rate predictions likely unsettled the markets, causing a drop in Bitcoin prices.

According to CoinDesk data, the leading cryptocurrency by market value fell to $67,400 after the Fed’s announcement, reversing its post-CPI surge to $70,000.

However, there is confidence that the rally will soon resume, Coindesk said in an article quoting a 10x Research.

“Our recommendation remains unchanged: to stick with the winners (Bitcoin) and avoid others (such as Ethereum). Our previous analysis has shown that a lower CPI number tends to lift Bitcoin prices, and we anticipate this trend will continue,” Markus Thielen, founder of 10x Research, said in a note to clients on Thursday.