According to the Federal Reserve, the Federal Open Market Committee voted 8-4 on Wednesday (April 29) to hold the federal funds rate at 3.5%-3.75%, triggering a sharp sell-off across cryptocurrencies. Bitcoin (BTC) fell from roughly $76,200 to briefly below $75,000 before rebounding to $75,440 in the first hour following the decision. Ethereum (ETH), Solana (SOL), and XRP each sank to two-week lows.
The fractured vote marked the Fed’s most divided policy decision in over 30 years. Dissenter Stephan Miran called for an immediate rate cut, while Beth Hammack, Neel Kashkari, and Lorie Logan opposed any easing bias. The central bank cited elevated inflation tied to rising global energy prices and heightened uncertainty from Middle East developments as reasons for the pause.
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