Bitcoin (BTC)’s price spiked on Wednesday following the latest Federal Open Markets Committee (FOMC) meeting, at which the Federal Reserve announced no changes to interest rates.

The decision keeps the central bank’s benchmark rate between 5.25% and 5.50%, and pushes back investors’ hopes of a more dovish pivot for markets in the near term.

Bitcoin traded for $62,000 one hour before the announcement, before shooting to $64,600 as the updated benchmark rate was revealed. In a statement, the central bank noted that economic activity in the country continues to expand, unemployment remains low, and inflation remains elevated. “The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent,” wrote the Fed. According to CME FedWatch, the market believes interest rates will remain flat at the next FOMC in May, but is pricing in 60% odds of a 25 basis point reduction in June. Bitcoin’s price fell from $74,000 last week as Bitcoin ETF net flows slowed substantially, then flipped negative over the past two days. The outflows followed a hotter-than-expected inflation reading in the U.S. on March 12, clocking in at 3.2% for February.

Bitcoin / USD. Source: TradingView