US Fed Hikes Interest Rate By 25 bps, Says Hike Appropriate – Crypto News – Crypto News
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US Fed Hikes Interest Rate By 25 bps, Says Hike Appropriate – Crypto News

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2 years ago

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The Federal Open Market Committee (FOMC) announced a 0.25% interest rate hike in the February meeting. This came amid a market wide expectation of 25 bps rise, which marked a slowdown in rate hike on the back of a series of 75 bps rise in previous months. The announcement came at a time when the Fed officials are focused on reducing the inflation to 2% target. This means tightening screws for liquidity in the economy was on top priority.

The crypto market showed high volatility in the hours leading up to the Fed decision announcement. Also, the US Dollar Index (DXY) was in the red with a 0.31% drop compared to yesterday. As of writing, Bitcoin (BTC) price stands at $23,037, down 0.63% in the last 24 hours, according to CoinGape price tracker.

Also Read: Bitcoin (BTC) Reaction To Powell Speech, US Rate Hike Hardly Lasts Long; Here’s Why

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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