Crypto News Today: BTC, ETH, XRP Slide After Fed Decision Keeps Rates Unchanged

The Federal Open Market Committee (FOMC) kept interest rates unchanged on October 28, but its assessment of inflation and economic growth offered few reasons to expect an immediate shift toward monetary easing.

At 03:34 UTC on October 29, CoinPaprika data showed Bitcoin trading near $79,732, Ethereum at $2,303, and XRP at $1.29. The figures represented 24-hour declines of 1.42%, 2.09%, and 3.03%, respectively. The broader cryptocurrency market capitalization also fell 1.41% to approximately $2.80 trillion.

Fed Holds Rates Steady, but FOMC Statement Keeps Inflation in Focus

The Federal Reserve maintained its federal funds target range at 3.75%–4.00%, matching expectations for the October meeting. However, the 10–2 vote revealed a division among policymakers over whether current monetary policy was sufficiently restrictive.

Fed Chair Kevin Warsh highlighted nearly six years of above-target inflation as the FOMC voted 10–2 to hold interest rates at 3.75%–4%, prioritizing price stability. Source: Coin Bureau via X

Federal Reserve Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, preferring a quarter-percentage-point rate increase. Their position highlighted continuing concerns about inflation despite the decision to leave borrowing costs unchanged.