Alex Dovbnya
The central bank has now completed its eighth interest rate hike since last March
At its first monetary policy meeting in 2023, the US Federal Reserve decided to raise its target interest rate by a quarter of a percentage point.
This comes after the world’s most powerful central bank implemented a series of significant rate hikes last year to combat inflation.
Recent data showed that the Fed had partially succeeded in eradicating inflation.
Bitcoin’s horrible performance in 2022 has been largely attributed to the Fed’s extremely tight monetary policy.
For now, however, a Fed pivot remains unlikely and the central bank is determined to continue its inflationary war.
The central bank considers ongoing rate hikes to be appropriate.
Bitcoin price experienced low volatility following the announcement and it is currently trading around $23,000.
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