Bitcoin's price remained relatively steady on Wednesday after the U.S. Federal Reserve kept interest rates at their current level on Wednesday.

The Federal Open Market Committee did what the majority of analysts predicted and held the benchmark federal funds rate in the current range of between 5.25% and 5.50%. The move marks the first rate pause of 2024.

"In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 5.25% to 5.50%," the central bank said in a statement.

Regarding the possibility of a rate cut, the central bank said that "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%."

Economic outlook uncertain

"The …