Investing.com – Bitcoin moved little on Thursday after a volatile session as the Federal Reserve’s forecast of high interest rates for an extended period largely overshadowed some signs of cooling in inflation in the miniature term.

The price rose 0.4% in the last 24 hours to $67,484.6 by 02:05 ET (06:05 GMT). The token has seen wild swings this week, rising as high as $70,000 before plummeting.

Bitcoin Range in Limits as Fed Projects Only One Interest Rate Cut This Year

Traders have remained largely averse to Bitcoin and broader cryptocurrencies amid high and prolonged U.S. interest rates.

Although the Fed left interest rates unchanged on Wednesday, as expected, Chairman Jerome Powell said the central bank now sees the possibility of only one rate cut this year, compared with earlier expectations of three cuts.

Several policymakers also called for no cut in interest rates this year, saying further progress needed to be made in reducing inflation. The Fed also raised its inflation forecast for this year.

The Fed’s comments came after Wednesday’s data showed that U.S. consumer inflation fell slightly more than expected in May. While Bitcoin saw some gains after the inflation reading, it lost value following the Fed’s comments.

High rates bode ill for speculative assets such as cryptocurrencies, given that they limit the amount of liquidity available for investing in this sector. While recent capital flow data has shown that institutional investors are still putting some money into cryptocurrencies, this has barely been reflected in token prices.

Attention now turns to inflation data for more clues about US inflation. The reading will take place later on Thursday.

Cryptocurrency Price Today: Altcoins Drift Down Amid Price Swings

The prospect of prolonged high interest rates in the U.S. has also had an impact on broader cryptocurrency prices.

The world’s No. 2 token fell 0.3% to $3,499.09, giving back even more of the gains made in the previous month.

and increased from 0.6% to 1.7%, but during the week the prices fell.

Among meme tokens, it fell by 1.6% and rose by 3%. However, sentiment towards the two has largely waned, accompanied by waning interest in meme stocks on Wall Street.

GameStop company (NYSE:) lost even more value on Wednesday and erased most of the gains seen in tardy May.