Bitcoin (BTC) traders reacted positively to the latest policy announcement from the US Federal Reserve.
Despite jacking rates up another 25 basis points (bps) to 5.25%, comments from the Fed pointed to a loosening of its grip on the economy, boding well for riskier assets such as bitcoin.
Price action was generally positive, with BTC/USDT adding 1.2% to close Wednesday just above US$29,000, where selling resistance was largely placed. Another 0.2% was sprinkled onto the pair in the mornings Asia trading session, pushing bitcoin closer to US$29,100.
Also buoyed by a depressed greenback, Ethereum (ETH) managed to add 1.9% on Wednesday, pushing the ETH/USDT pair just above the critical US$1,900 price point. Today has been a bit muted for the pair, having dipped just below the US$1.9k mark again.