Bitcoin saw a slight correction after the FOMC meeting

Cryptocurrency markets initially jumped on the encouraging CPI data, but this was a short-lived gain as a result of the FOMC's benchmark interest rate decision.

Based on data coinglass , short liquidations totaled $25.77 million, the highest since June 6, with open interest currently at a peak of $36 billion.

IntoTheBlock also reported a 19% increase in large transaction volume and a 4% increase in actives Bitcoin addresses.

Rising inflation and the fact that the FOMC committed to only one rate cut until the end of 2024 were the reasons for Bitcoin's rally. The reverse of this rise could be seen after the FOMC's interest rate decisions and the forecast of just one cut in 2024.

Shortly after the Fed made his decision , the price of Bitcoin fell to around $67,500, erasing much of today's gains.

However, at the time of writing, the flagship cryptocurrency is showing signs of recovery as it is once again back above $68,000.