Fed Rate Hike: Cryptos Hammered As Central Bank Pumps Interest Rates By 0.75 ...
The much-anticipated Fed rate hike is now out and, as expected, dealt a heavy blow to the broader crypto market on Wednesday. The U.S. Federal Reserve increased its policy interest rate by three-quarters of a percentage point, extending it to a range of 3 to 3.25 percent. This number represents a huge increase from March, when […]
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The U.S. Federal Reserve raised the benchmark interest rate on Wednesday and the increase was the biggest rate hike in two decades. “Inflation is much too high,” the central bank’s chair Jerome Powell said after the Fed raised rates by 0.5%. FOMC Decides to Hike Rate by 3/4 to 1% — Increase Was the largest Rate Hike in 2 Decades On May 4, 2022, the U.S. central bank raised the benchmark interest rate in order to curb rising inflation. The Federal Open Market Committee (FOMC) explained on Wednesday in a press release that the 12 FOMC members “decided to....
Bitcoin has rallied roughly 7% in June on the back of strong momentum buying and continues to target higher valuations. The cryptocurrency has registered the breakout that we all have been waiting for, and that may cause immense trouble to the short-sellers. However, one interesting observation is that Bitcoin humbled the extreme selling pressure on the eve of US Fed's meeting which is expected to dole out important clues regarding the timing of the much-anticipated interest rate hike. Why Does Interest Rate Concern Bitcoin? Interest rates concern all aspects of the economy, including the....
According to recent reports close to central bank officials, the U.S. Federal Reserve will likely deliver another interest rate hike by roughly 75 basis points (bps) next month. Moreover, markets are predicting another rise by three-quarters of a point, and CME’s Fedwatch Tool indicates there’s a near-certain (98%) chance the central bank will choose a 75bps raise. Despite the market expecting an aggressive Fed, an analyst from investors.com believes the Fed will pivot by December depending “on how financial markets act between now and then.” Philadelphia Fed President: ‘Inflation Is Known....
European Central Bank. In a landmark monetary policy move, the European Central Bank (ECB) has announced negative interest rates. The ECB will charge an interest rate of -0.1% to banks wishing to store euros within central bank vaults. Domestically, the intention is to prod banks into lending money to businesses as opposed to buying government bonds. Internationally, the intention is to cause depreciation of the Euro relative to other currencies to increase the competitiveness of European exporters. It is unlikely that individual users in the 18 countries under the ECB's control will see....
Bitcoin and the rest of the crypto market have been in a festive mood in response to the U.S. Federal Reserve’s interest rate hike, sending both Bitcoin and Ethereum climbing in prices. The Fed’s announcement has sent Bitcoin’s price up by 5%. As of this writing, Bitcoin is trading at $22,837, up 7 percent in the last 24 hours. More so, Ethereum’s price also spiked by 11.6%; hitting $1,550, data from Coingecko show, Thursday. In fact, the entire crypto market is on a positive outlook with the total crypto market cap at $1 trillion. Bitcoin was down the past week with its....