Fed Rate Decision Sparks Volatility in Crypto Markets

The Federal Reserve's decision to hold interest rates steady has sent shockwaves through the cryptocurrency market. The Bitcoin price dropped 5.4% overnight to test the critical level of $70,000, while Ethereum fell by 6.2% to $2,170.

The Fed's move was widely expected, but the accompanying statement highlighted concerns over inflation and unemployment, which weighed heavily on risk assets. This has led to a tightening of policy globally, further impacting the crypto market.