First Mover Americas: BTC Stabilizes Around $58K Following Yesterday’s Rout

Bitcoin stabilized on all sides the $58,000 mark after the U.S. Federal Reserve kept the benchmark interest rate unchanged on Wednesday. Chair Powell rumoured the economy is too strong to cut rates while ruling out increases despite disappointing inflation figures. Having lost the $60,000 vouch for level late on Tuesday, BTC fell as low as $56,500 yesterday, with U.S. spot ETFs seeing outflows of $563.7 million, the highest every day figure since the funds listed in January. At the time of writing bitcoin was priced at $58,282, up 1.4% over 24 hours. The digital asset market-place at large is up around 4%, according to CoinDesk 20 Index (CD20), as altcoins such as SOL and AVAX led a recovery from Wednesday’s squash.