The Federal Reserve on Wednesday kept its benchmark interest rate steady, maintaining the federal funds target range at 3.50% to 3.75%. Bitcoin price is fighting to hold $70,000 amid a complex backdrop of elevated inflation, slowing job growth, and war in the Middle East. 

The decision marked the second consecutive FOMC meeting with no change in borrowing costs and followed a pause that began after three rate cuts last year.

Bitcoin price responded to the announcement with a drop in trading, changing hands around $70,500, down 3.6% over the previous 24 hours, according to Bitcoin Magazine Pro. The cryptocurrency had flirted with $76,000 last week, reaching its highest level in…

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