Bitcoin fell after the Fed’s pause, but blaming interest rates misses the Binance shock

The Federal Reserve asked for more information before changing interest rates. Eighteen and a half hours later, the economy supplied it: growth was strong, inflation remained elevated, and households were spending more without buying much more. But before investors could settle what that combination meant for Bitcoin , a Binance security breach raised a more immediate concern about their ability to move money. The Binance hack complicates any attempt to treat Friday's crypto selloff as a verdict on Wednesday's policy decision. Expensive borrowing and uncertainty over an exchange can both discourage risk-taking, but they work through different channels and demand different responses. The Fed's 10–2 vote left its benchmark range at 3.75%–4%. Both dissenters, Lisa Cook and Beth Hammack, wanted a quarter-point increase.

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