Bitcoin's price was mostly flat after the U.S. Federal Reserve held interest rates at their current level on Wednesday, as expected.

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

"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.

Inflation has eased, but still elevated

"Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have moderated since early last year but remain strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated," the FOMC statement …