Investors Empty During FOMC, BTC Not Interested To Move!

<p>&nbsp;"Haih remind BTC price will be volatile apparently not."</p><p><br /></p><p>After the Federal Reserve (Fed) announced a 25 basis point increase in interest rates during the Federal Open Market Committee (FOMC) meeting this morning, the price of Bitcoin (BTC) did not seem to react significantly but remained firm up to $29,680.</p><p><br /></p><p>While the second largest cryptocurrency Ethereum (ETH) also saw a similar movement when its price crossed $1,887 before shrinking again at $1,866.</p><p><br /></p><p>On watch, the Fed raised interest rates to combat lingering inflation after halting hikes at last month's FOMC, where it was the first time the US central bank had not raised rates in 18 months.</p><p><br /></p><p>Fed Chairman Jerome Powell said that the central bank intends to fight inflation which is currently at 3% to reach its target of 2% following a year ago inflation in the US has exceeded the level of 9%.</p><p><br /></p><p><br /></p><p>Therefore, Powell is likely to raise two more interest rate increases this year which means there will be another increase in 2023, however the FOMC in January 2024 is expected to lower the first rate.</p><p><br /></p><p>Even so, Powell stated that not only has the Fed not yet made any decision about the next FOMC meeting but also the rates it should consider or their monetary policy actions.</p><p><br /></p><p>Commenting on Powell, the FOMC will assess the need to further tighten monetary policy and not on a meeting-by-meeting basis, adding that he does not expect inflation to fall to 2% until 2025.</p><p><br /></p><p>As of this writing, BTC price has jumped by 0.90% to $29,407 in the last 24 hours with a market cap of $571 billion but still recorded a 1.93% plunge over the last week.</p><p><br /></p><p>While ETH rose around 1.02% at $1,873 in the last 24 hours with a market capital of $225 billion and Ripple (XRP) gained 1.00% at $0.71 and then lost 14.20% in the last seven days.</p>