How Will Bitcoin’s Price React?

Despite US President Donald Trump’s countless pleas, the country’s central bank refused to lower the key interest rates.

The question is what will happen to BTC’s price even though this decision was highly anticipated.

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As The Kobeissi Letter explained, the Federal Reserve officials were mostly against lowering the rates, which is evident by the 9-2 vote.

Interestingly, today’s decision by the Fed, although it was expected, comes after a positive GDP report by the US. As reported earlier, the country’s economy rebounded significantly in Q2 after the correction in Q1.

Trump has made numerous calls for the past several months, urging Fed Chair Jerome Powell to lower the interest rates, but to no avail. The POTUS once requested the biggest rate cut in history by three basis points.

After today’s Fed decision, Trump reportedly said that he “heard” the central bank will finally reduce the interest rates during the next meeting in September.

Bitcoin’s price, which is quite susceptible to the Fed’s actions, had calmed earlier today at around $118,000 in anticipation of the rate cut decision. Although it experienced some volatility in the hours ahead of the meeting and after the news went out, it now stands close to that level once again.