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

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

23 minutes ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

25 minutes ago

MicroStrategy Convertible Notes Now Out of Stock With $3B Raised

The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…

52 minutes ago

Qubetics, Cosmos, and Chainlink: Why These Cryptos Are Your Best Bet for November 2024

Discover why Qubetics, Cosmos, and Chainlink are the best cryptos to buy in November 2024.…

4 hours ago

Best Cryptos to Buy in December 2024: Qubetics Presale Goes Ballistic as Ethereum and Quant Look to Build Momentum

Best Cryptos to Buy in December 2024: Qubetics ($TICS) presale explodes, Ethereum (ETH) eyes a…

7 hours ago

USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products

Palo Alto, California, 21st November 2024, Chainwire

9 hours ago

This website uses cookies.