Bitcoin hovered near $89,000 on Wednesday as the Federal Reserve opted to hold interest rates steady, pausing its rate-cutting cycle and striking a notably calmer tone on inflation and the labor market.

The bitcoin price traded above $90,000 earlier in the session before slipping to around $89,500 as Federal Reserve Chair Jerome Powell spoke at his post-meeting press conference. 

The move came after the Fed announced it would keep its benchmark federal funds rate unchanged at a range of 3.5% to 3.75%, ending a streak of three consecutive 25-basis-point cuts delivered in September, October, and December.

The decision reflected a central bank increasingly comfortable with the…

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