Investing.com-- Bitcoin gave up gains Thursday, as post- Federal Reserve decision optimism ran out of steam.
Bitcoin fell 1.4% to $84,253.5 by 10:01 ET (14:01 GMT).
Bitcoin loses steam post-Fed
Bitcoin’s gave up gain tracking similar moves in broader risk-driven markets, as sentiment the post-Fed optimism ran out of steam.
The central bank kept rates unchanged as widely expected, while forecasting higher inflation and softer growth.
The Fed also maintained its projections that interest rates will fall by about 50 basis point by the year-end.
But policymakers, particularly Fed Chair Jerome Powell, flagged continued uncertainty over the U.S. economic outlook, especially under President Donald Trump’s aggressive trade tariff policies.
Still, the Fed’s meeting as a whole offered markets some relief, with Wall Street recovering further from six-month lows on Wednesday. Crypto markets largely tracked these gains, with lower rates boding well for sectors driven largely by speculation.
Ether ETFs see net outflows for 11th consecutive day
U.S. spot ether ETFs recorded their 11th consecutive day of net outflows, shedding $358.1 million.
BlackRock’s iShares Ethereum Trust ETF (ETHA) saw $12.9 million in outflows on Tuesday, bringing its total net outflow to $137.6 million over the period. Fidelity’s FETH and Grayscale’s ETHE also contributed to the decline.
Total holdings across spot ether ETFs stand at approximately $7 billion, with cumulative net inflows of $2.45 billion since their launch in July, according to SoSoValue data.
Crypto price today: altcoins lower after Wednesday gains
Broader crypto prices fell on Thursday following Wednesday’s gains.
XRP hovered around $2.44, holding onto its sharp gain from a day earlier after the SEC dropped its long-running case against XRP issuer Ripple. The crypto was also at a two-week high.
The SEC was widely expected to drop its case against Ripple after a major overhaul under the Trump administration. The SEC had earlier this year dropped ongoing action against Coinbase (NASDAQ:COIN) and Kraken.
Trump nominated pro-crypto lawyer Paul Atkins as the SEC Chair, and has also named a pro-crypto interim chair for the regulator.
Among other altcoins, world no.2 crypto Ether slipped 2.5% to $1,978.94.
Cardano and Solana traded flat while Polygon lost 1.7%.
Among meme tokens, Dogecoin fell 2.6%, while $TRUMP slipped 2.7%.
Ambar Warrick contributed to this report.