Bitcoin Price Plunges Below $70K Amid Fed Rate Decision

The Federal Reserve's decision to hold interest rates steady has sent shockwaves through financial markets, with Bitcoin's price dropping below $70,000.

At its meeting on Thursday, the Fed kept its benchmark rate in the 3.5%–3.75% range, but signaled a slower pace of rate cuts than markets had expected.

The central bank raised its inflation forecast for 2026 to 2.7%, citing rising oil prices driven by conflict in the Middle East.

Oil prices surged above $110 per barrel after Iran attacked energy facilities across the region, pushing bond yields up and strengthening the US dollar.

The strong dollar weighed on risk assets like Bitcoin, which had been trading above $74,000 earlier in the week but fell to around $70,817 by early Thursday.

Long-term Bitcoin holders, known as 'OGs', sold over 1,650 BTC worth more than $117 million as markets across crypto, stocks, and gold fell.