Bitcoin Price Surges Above $10,000 as Fed Announces Interest Rate Decision

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Wed, 06/10/2020 - 18:57
Alex Dovbnya
Bitcoiners rejoice as U.S. Federal Reserve officials forecast that interest rates are likely to remain close to zero until 2022
Cover image via stock.adobe.com

U.S. Federal Reserve officials have voted to keep interest rates unchanged during their June 9-10 meeting, CNBC reports.

Moreover, they were predicted to remain close to zero until 2022 by the central bankers. During that period, the U.S. economy is expected to recover from the pandemic-induced blow that is projected to shrink it by 6.5 percent in 2020. 

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Both U.S. stocks and Bitcoin have positively reacted to the dovish forecast made by the Fed.  

The S&P 500 index is currently in the green after surging to an intraday high of 3,221 points, extending its stellar rally.  

The Bitcoin price has finally stopped trading within a tight range and ripped sharply higher, surpassing the $10,000 mark for the first time since June 2.

image by www.tradingview.com

However, the top cryptocurrency hasn’t managed to stay in the five-digit territory for too long. At the time of writing, it is changing hands at $9,933 as the bulls are taking a respite. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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