Bitcoin gained some upward momentum, picking up 0.8% in the past hour, following an announcement from Federal Reserve officials that the central bank would leave interest rates unchanged.

At the time of writing, Bitcoin is trading for$42,383.95, according to CoinGecko. Ethereum also responded positively to the news, having picked up 1% in the past hour. It’s currently changing trading for $2,234.

“The [Federal Open Market Committee] seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run,” the FOMC said in a statement. “In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5.25% to 5.5%.”

Federal Reserve Chairman Jerome Powell said during a press conference that the U.S. economic recovery “has progressed more quickly than generally expected, and forecasts from FOMC participants for economic growth this year have been revised up since our September Summary of Economic Projections.”

“Even so,” Powell added, “overall economic activity remains well below its level before the pandemic, and the path ahead remains highly uncertain.”

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Author: Stacy Elliott

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