The US Federal Reserve has released the meeting minutes from the June 2023 Federal Open Market Committee (FOMC) meeting, which revealed that most Fed officials were in favor of keeping rates steady at the current level, while some officials preferred a 25 bps increase. Despite market expectations of rate cuts by the end of the year, almost all Fed officials expect more rate hikes in 2023.

The crypto market reacted positively to the news, with Bitcoin prices spiking after the FOMC minutes were released. The Fed officials stated that additional information on the state of the economy would be key to deciding further monetary stance, and the US central bank continues to send out a cautionary message in deciding interest rate movement, which favors riskier assets like cryptocurrencies over the stock markets.