Bitcoin price gains amid Middle East developments
The Bitcoin price has gained amid developments in the Middle East, despite a drop in trading after the Federal Reserve kept its benchmark interest rate steady. The cryptocurrency's price responded to the announcement, changing hands around $70,500, down 3.6% over the previous 24 hours.
The Federal Reserve kept its benchmark interest rate steady, maintaining the federal funds target range at 3.50% to 3.75%. Bitcoin price is fighting to hold $70,000 amid elevated inflation and global uncertainties. The Fed noted that inflation remains somewhat elevated and job gains have remained low. The backdrop for the Fed's policy deliberations included the ongoing war in the Middle East, which has pushed energy prices higher. Bitcoin price fell in tandem with U.S. stocks following reports of Israel striking the South Pars gas field in Iran. The cryptocurrency's price remains above $70,000 for now, with gains of 1.6% over the past week.
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