Federal Reserve announces interest rate hike, Bitcoin price remains flat
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Answer Federal Reserve announces interest rate hike, Bitcoin price remains flat
The US Federal Reserve raised interest rates by half a percentage point which is a significant percentage not seen since May 2000.
Bitcoin, which is the largest cryptocurrency, is up around 2.2%, and is currently trading at $39,600 on the Binance trading platform.
As the largest cryptocurrency rebounded, stock prices also rose.
The central bank’s monetary policy aims to combat out-of-control inflation, which recently reached its highest level in four decades.
The Fed raised its benchmark short-term interest rate by 25 basis points in March, but consumer prices continued to rise despite the fact that supply shortages were moderate.
By making borrowing money more expensive, the Fed expects to calm the economy.Read:Partnership between Binance and the Argentine government to support blockchain projects
The central bank’s hawkish shift has also taken some strength and momentum out of the cryptocurrency market.
Bitcoin, Ethereum and other leading cryptocurrencies have taken a hit this year, as has the stock market.
Interest rate futures suggest there is a 94% chance that the Fed will raise its benchmark short-term borrowing rate to at least 2.75% by the end of the year.
During his press conference, Powell stated that inflation is too high and well above the target.
He told that it was necessary to lower consumer prices to maintain a strong labor market.
He said there may be more surprises.
According to Powell, an additional 50 basis points increase will be on the table during the upcoming meetings.
However, the central bank is not seriously considering a 75 basis point hike at this point.
Powell said America is in a position to deal with monetary tightening.
The measures announced by the US Federal Reserve have not negatively affected the crypto market, but rather the opposite, as the price of Bitcoin rebounded upwards, accompanied by most of the alternative digital currencies.Read:HSBC Bank enters the world of “Metaverse” through partnership with “Sandbox”
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