• Bitcoin rises as the Federal Reserve keeps interest rates unchanged

  • The largest cryptocurrency, Bitcoin, surged to an intraday high of $44,031 on the Bitstamp exchange after the Federal Reserve of the United States announced that interest rates would remain unchanged.

    The Federal Open Market Committee’s 18 members believe that rates will have to rise next year.

    The FOMC also hinted that it might start tapering its bond purchases soon: “If broad progress continues… a moderation in the pace of asset purchases may be warranted soon.”

    Jerome Powell, the Fed’s chairman, expects “elevated” inflation to last for months.

    Powell also predicts that the bond-buying binge will end in the second half of 2022. The FOMC could make a tapering announcement at its next meeting.

    On Sept. 21, the flagship cryptocurrency fell below $40,000, following a two-day sell-off sparked by Evegrande contagion fears that swept global financial markets earlier this week.

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