Federal Reserve Holds Rates, Asset Purchases Steady as Economic Activity Moderates
The U.S. central bank said interest rates will remain close to zero.
Bitcoin's price has doubled this year, partly because of demand from institutional investors who are looking for an asset that might hold its worth if the dollar’s purchasing power declines.
Federal Reserve Chair Jerome Powell assures markets that monetary policy will stay loose "as long as it takes."
Genesis is cutting bitcoin deposit rates effective Thursday, following BlockFi's reduction last week.
The question is whether Powell will allow bond yields to keep rising or if the Fed will step in to ward off any unwanted market reaction.
The central bank doesn’t want to pull back asset purchases just yet, Powell said Wednesday.