Bitcoin Price Tumbles to 2-Week Low as Fed and BoJ Keep Rates Unchanged: Weekly Crypto Recap

It was a very eventful week in terms of economic activity, with most of the focus turned to the Wednesday conclusion of the second FOMC meeting under new Fed Chair Kevin Warsh.

But before we head into the details of the central bank’s decision, let’s explore what transpired prior to that. Last week, the US CPI numbers came out, and inflation data was actually a lot better than many expected. BTC went on a rally after that, peaking at $67,000, where it was rejected but still managed to close the week at around $64,000.

It regained some traction on Monday after the de-escalation news on the Middle East front. The cryptocurrency jumped past $65,000 and touched $65,600 on a couple of occasions. However, the predominantly bearish sentiment was too strong, and the asset dumped below $63,000 a day later.

The bulls managed to intervene and didn’t allow another immediate leg down. Instead, BTC started to regain traction after the United States Federal Reserve kept the rates unchanged. The asset challenged $65,500 once again on Friday morning. However, a familiar end-of-the-week scenario repeated, and the cryptocurrency was rejected even after the Bank of Japan followed the Fed’s example and maintained the rates.

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