Market Wrap: Bitcoin Holds Above $60K After Fed Taper Announcement

Market Wrap: Bitcoin Holds Above K After Fed Taper Announcement
Bitcoin traded in a choppy price range on Wednesday as traders reacted to the U.S. Federal Reserve’s plans to taper its $120-billion-a-month in bond purchases.The unprecedented amount of buying by the Fed as part of its monetary stimulus plan known as quantitative easing (QE) provided a tailwind for financial assets, such as cryptocurrencies, deemed by the market to be risky. But lower liquidity as a result of the tapering could encourage investors to reduce their exposure to crypto and other risks.Bitcoin’s price fell by about 5% during the announcement by the Fed’s policymaking Federal Open Market Committee in its post-meeting…