Bitcoin jumped on Wednesday afternoon following the U.S. Federal Reserve’s Open Markets Committee’s (FOMC) decision to reduce the targeted funds rate by 25 bps to 350-375 bps at 2pm EST, before giving up most of the gains.
The decision is the third reduction this year from the policymaking body, though it was made with three dissents. Regional Fed presidents Austan Goolsbee of Chicago and Jason Schmid of Kansas City voted against the cut, while newly installed Governor Stephen Miran voted for a 50bps cut.
As of this writing the asset is $92,523, up 0.06% after the announcement. It had climbed to as high as $94,607, its highest price since Nov. 17. Looking at the broader tech sector, the State Street Technology Select Sector (XLK) is up 0.87% since the announcement. Gold increased 0.81% on the news while the U.S. dollar dropped 0.37%.
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