Bitcoin 
BTC +3.59% 's price gained on Wednesday as the U.S. Federal Reserve held interest rates at their current level, 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 marked the fourth rate pause of the year, after the central bank held rates steady in November, September and June.
"Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation," the central bank said in a statement, noting that rising prices had eased but remained elevated. "Recent indicators suggest that growth of economic activity has slowed from its strong pace in the third quarter. Job gains have moderated since earlier in the year but remain strong, and the unemployment rate has remained low."
Bitcoin gained by almost 3% after the U.S. Federal Reserve announced another rate pause.
Bitcoin advances
The world's largest cryptocurrency by market capitalization rose almost 3% over the past 24 hours to $42,428 at 2:00 p.m. in New York, according to The Block's Price Page. Bitcoin had pulled back from an early December rally that saw the digital asset hit a yearly high of over $44,300.
The global cryptocurrency market cap is now $1.65 trillion, an increase of 1.2% over the last 24 hours.
Wider markets reacted with optimism to the Fed's announcement, with major stock indices all in the green. The Nasdaq is up 0.6%, the S&P 500 gained 0.6% and the Dow Jones Industrial Average increased by 0.5%.
