Bitcoin Drops to Around $88,000 After Fed Holds Rates Steady [Crypto Briefing]

[Financial News] Bitcoin (BTC) fell to around $88,000 on the 29th after the Federal Reserve System (Fed) decided to keep its benchmark interest rate unchanged.
According to global digital asset data platform CoinMarketCap, BTC was trading around $88,000 as of 10:10 a.m. that day, down 0.44% over the past 24 hours. Over the past week, BTC has declined 1.11%.
In the Korean won market, BTC is trading at around 128 million won. Based on global crypto market comparison platform Cryprice, the Korea premium stands at 1.21%.
With the Fed pausing its rate-cut cycle, the market appears to have shifted to a wait-and-see stance. On the 28th (local time), after its first regular Federal Open Market Committee (FOMC) meeting of the year, the Fed decided to hold the federal funds rate in a range between 3.5% and 3.75%. This is the first time it has left rates unchanged after three consecutive cuts in September, October, and December last year.
Jerome Hayden Powell, chair of the Fed, also told reporters right after the FOMC meeting, "We will decide on any additional rate cuts at each meeting based on economic data," offering a cautious response on the possibility of further easing.
As a rate hold had been widely expected, investor sentiment appears to be in wait-and-see mode. The Crypto Fear and Greed Index provided by CoinMarketCap stood at 37 that day, indicating "fear," unchanged from the previous day. The index ranges from 0 to 100, with values near 0 interpreted as "extreme fear" and those near 100 as "extreme greed."
At the same time, Ethereum was trading around $3,000, down 0.57% from the previous day. Ripple (XRP) was at about $1.90, a decline of 0.21%.

yimsh0214@fnnews.com Lim Sang-hyuk Reporter