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Bitcoin Tumbles to $26.9K on Hawkish Remarks by Federal Reserve's Powell

In a widely anticipated move, the U.S. Federal Reserve on Wednesday held monetary policy steady, leaving the range for its benchmark interest rate at 5.25% to 5.50%. Fed officials also projected keeping interest rates higher for next year at around 5.1%, a significant jump in expectations compared to 4.3% in the June prediction. They also see stronger economic growth for this year, expecting a 2.1% real GDP increase versus a 1% forecast in June. Bitcoin's (BTC) price remained flat around $27,200 as Fed Chair Jerome Powell said in a press conference that the central bank will do more rate hikes if the economy remains stronger than expected.

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