{"id":128807,"date":"2025-05-08T03:22:58","date_gmt":"2025-05-08T03:22:58","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=128807"},"modified":"2025-05-08T03:22:58","modified_gmt":"2025-05-08T03:22:58","slug":"bitcoin-returns-to-98k-as-fed-holds-rates-steady-despite-trumps-demand","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=128807","title":{"rendered":"Bitcoin returns to $98K as Fed holds rates steady despite Trump\u2019s demand"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsBitcoin has reclaimed $98,000 for the first time in almost three months after the US Federal Reserve said it would keep interest rates the same for another month.<br \/>\nThe Fed\u2019s decision to keep interest rates unchanged comes despite mounting pressure from US President Donald Trump, who just weeks ago threatened to fire Fed chair Jerome Powell for being \u201ctoo late\u201d in cutting rates.<br \/>\nFed cites higher unemployment, inflation risk<br \/>\nPowell said on May 7 that the Federal Reserve rate-setting committee held rates in the 4.25% to 4.50% range due to the rising risks of higher unemployment and higher inflation.<br \/>\nHe added inflation has \u201ccome down a great deal but has been running above our 2% longer objective.\u201d Powell said surveys in households and businesses showed a \u201csharp decline in sentiment\u201d mainly due to concerns over Trump\u2019s trade policy.<br \/>\nHowever, Powell said that \u201cdespite heightened uncertainty, the economy is still in a solid position.\u201d In the days leading up to the announcement, data from CME Group\u2019s FedWatch Tool indicated that the futures market expected minimal odds of a rate cut.<br \/>\nPowell said the unemployment rate remains low, and the labor market is \u201cat or near maximum employment.\u201d The market expects the Fed to drop the Fed funds rate to 3.6% by the end of 2025.<br \/>\nBitcoin fell below $96,000 before retracing back above $98,000 just hours later on May 7. Source: CoinMarketCapBitcoin (BTC) dropped below $97,000 to $95,866 after Powell\u2019s speech, but it shot up to tap $98,000 for the first time since Feb. 21 just hours later.\u00a0<br \/>\nBitcoin momentum has been building, with the Crypto Fear &amp; Greed Index returning to \u201cGreed\u201d territory, and spot Bitcoin exchange-traded funds (ETFs) posting inflows of almost $4.41 billion since March 26.<br \/>\nRelated: Bitcoin price rallied 1,550% the last time the \u2018BTC risk-off\u2019 metric fell this low<br \/>\nOn March 9, network economist Timothy Peterson warned that if the Fed holds off on rate cuts in 2025, it may cause a broader market downturn, potentially dragging Bitcoin back toward $70,000.<br \/>\nPeterson\u2019s forecast came after Powell said in March that \u201cwe do not need to be in a hurry and are well-positioned to wait for greater clarity.\u201d<br \/>\nMagazine: Adam Back says Bitcoin price cycle is\u2019 10x bigger\u2019, has\u2019 empathy\u2019 for ETF buyers<br \/>\nThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-98k-federal-reserve-interest-rate-cuts-donald-trump-demands?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsBitcoin has reclaimed $98,000 for the first time in almost three months after the US Federal Reserve said it would keep interest rates the same for another month.&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128807"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128807"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128807\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128807"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}