Bitcoin

Bitcoin Maintains $20,000 As FED Announces Expected Rate Increase

Bitcoin has a slight fluctuation in supply around $20,000 after the announcement of the Fed’s interest rate hike. As expected by observers, the Fed continued to raise interest rates by 0.75% for the fourth time in a row in 2022.

On November 2, the US Federal Reserve (Fed) – the country’s central bank – announced the latest interest rate adjustment. As expected by observers, the Fed continued to raise interest rates by 0.75%, this is the fourth consecutive time in 2022 that the interest rate has been maintained at 0.75%.

Since the beginning of the year, the Fed has had a total of 6 interest rate hikes, bringing the most important parameter for the US economy from 0.25% to 4%. This is the highest interest rate the Fed has imposed since the 2008 economic crisis in an attempt to curb US inflation, which has remained at a four-decade high for many months.

Fed officials will have one more rate adjustment before dawn on December 14.

Bitcoin (BTC) barely fluctuated with the news that the Fed raised interest rates to 0.75% as expected. BTC initially fell from the $20,450 zone to $20,141 within minutes of the Fed data being posted. However, when Mr. Powell said the pace of rate hikes could slow since December, prices showed a positive sign of rising towards $20,800.

However, when the Fed Chairman announced that he would raise the interest rate target higher in 2023, the world’s largest cryptocurrency plummeted to $ 20,048. The price has now recovered slightly to $20,270.

24h BTC price chart. Source: Coincu.com

Other major cryptocurrencies are also affected by Bitcoin price fluctuations: Ethereum is down slightly to $1,502, while other altcoins have corrected between 2 and 8% from where they were 24 hours ago.

Source: Coin360

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Foxy

CoinCu News

Victor

Recent Posts

Bitcoin Spot ETF Inflows Hit $510M, Marking Six-Day Streak

Bitcoin Spot ETF Inflows have reached $510 million as of November 13, marking six consecutive…

45 minutes ago

Solana DEX Trading Volume Hits $5B Daily for Three Straight Days

Solana DEX trading volume reached historic highs, exceeding $5 billion daily for three days. Raydium…

3 hours ago

Phantom iOS Users Lost Recovery Phrase After Updating to New Version

Phantom iOS users are warned that a recent app update caused some users to log…

3 hours ago

Japanese Crypto Exchange Coincheck Gets Approval to Launch in the US

Japanese crypto exchange Coincheck is set to become the first Japanese crypto exchange to list…

4 hours ago

DOJ Investigates Polymarket for Alleged Illegal US User Bets

The US DOJ investigates Polymarket for Alleged Illegal US User Bets Polymarket, for allegedly permitting…

5 hours ago

Get Ready for a New Level of Excitement If You Missed Ethereum ICO: Qubetics Could Redefine Success

Ethereum’s ICO was priced at around $0.30 per token, and today, it’s valued in the…

5 hours ago

This website uses cookies.