ICYMI: Bitcoin fluctuates as Federal Reserve raises key interest rate by 75 basis points
Bitcoin traded over $22,000 following the announcement, which had been expected.Wednesday’s decision was largely expected, with the market pricing in a rise of 75 basis points ahead of time. The move is intended to fight inflation, which hit a 40-year high of 9.1% in June. Investors had placed a one-in-four chance of a 100 basis points prior to this; however, this was priced out earlier in the week.
The price of bitcoin jumped up 3.31% on the news, having traded close to $21,500 prior to the announcement. At the time of writing, bitcoin is trading hands at about $22,000 according to CoinGecko.Wall Street firms were predicting an 89% chance of a 75 basis point increase, while most commentators shared similar views.
The bank expects another aggressive rate hike in September, with the terminal rate hitting 3.25-3.5% by the end of the year.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin Reclaims $21K Ahead of FOMC Interest Rate Announcement (Market Watch)Bitcoin is up by several hundred dollars ahead of the anticipated FOMC meeting, in which the Fed could raise interest rates by 75 basis points.
Read more »
Federal Reserve Raises Key Interest Rate by Another 0.75% to Curb InflationThe Fed’s move will raise its key rate, which affects many consumer and business loans, to a range of 2.25% to 2.5%, its highest level since 2018.
Read more »
Fed unleashes another big rate hike in bid to curb inflationThe Federal Reserve on Wednesday raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time
Read more »
Another Big Rate Hike Coming Today As Fed Battles Inflation. Economy Hangs In BalanceWith prices rising at their fastest pace in a generation, the Federal Reserve hopes another aggressive rate hike will help it get high inflation under control.
Read more »
U.S. Economy Live Updates: Home prices increased 80 percent in last 3 yearsAreas where housing prices surged during the coronavirus pandemic are especially vulnerable to a potential housing downturn if a recession takes hold in the U.S., according to a Redfin report released this week. The latest:
Read more »
Fed Unleashes Another Big Rate Hike in Bid to Curb InflationThe Fed’s move will raise its key rate, which affects many consumer and business loans, to a range of 2.25% to 2.5%, its highest level since 2018. — The Associated Press
Read more »