United States’ Federal Reserve Hike Raises Bitcoin Above $22000
United States’ Federal Reserve Hike Raises Bitcoin Above $22000
Moments after the United States Federal Reserve, under the leadership of Jerome Powell, announced a fresh 0.75 per cent (75 basis point) interest rate hike in an effort to curb the inflation rate, the leading digital asset, Bitcoin, surged past $22,000.
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A press release by the U.S. Fed stated, “The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 2.25% to 2.50% and anticipates that ongoing increases in the target range will be appropriate.”
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Bitcoin’s price increase following the announcement suggests that market analysts were correct when they predicted that the Fed would increase interest rates by 75 basis points. Although expected, analysts began to focus more on the long-term effects of the central bank’s balancing act between containing inflation and preventing recession.
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