Bitcoin, the leading cryptocurrency, is seeing little volatility after the U.S. Federal Reserve decided to keep the benchmark interest rate unchanged at a range of 4.25% to 4.5%. 

The decision was widely expected by the market, which explains why the flagship coin has barely moved on the news. 

The top cryptocurrency is currently changing hands above the $96,000 level.  

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Fed Chair Jerome Powell is facing intense pressure to start cutting rates to rev up the economy, but he has not caved to such demands so far.  

The Fed has stressed that inflation remains "somehow elevated." Moreover, it has added that uncertainty about the outlook has increased further. 

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"The Fed is rightly on hold as it awaits more clarity from both the growth and inflation side of the spectrum. The Fed has a dual mandate of full employment and 2% price stability, and right now it is stuck in between both ends," Jurrien Timmer, director of global macro at Fidelity, commented on the latest Fed decision.

Timmer has added that inflation has now moved "a bit closer" to the Fed's target. The Fidelity executive believes that the central bank has more room to cut rates. 

Traders are still pricing in three rate cuts this year following the latest Fed decision. However, rate cut expectations have fallen since the April peak.           

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