Bitcoin Soars as Fed Raises Key Interest Rate by 75 basis points

July 28, 2022

Reading Time: 2 minutes

Inflation has undoubtedly been the leading challenge faced by the current administration of most countries of the world, in the case of the US, the US Federal Reserve has been on its toes in search of policies to combat its nation’s 40-year high inflation.

The US Federal Reserve on Wednesday announced its move of raising interest rates by 75 basis points to 2.5% to fight its nation’s continuous rise in prices of foods, gasoline, and shelter draining Americans’ pockets.

Although, Fed’s decision on Wednesday didn’t come unexpected, this is due to market pricing which has been on a rise by 75 basis points ahead of the Fed’s announcement. Investors had placed a one-in-four chance of 100 basis points before this; however, this was priced out earlier in the week.

“Inflation has obviously surprised to the upside over the past year and further surprises could be in store.”The central bank would consider “an even larger” hike if needed in the future, said Federal Reserve Chair, Jerome Powell.

The Fed’s move is also a part of attempts to prevent the forecasted recession which may hit global markets soon.

Bitcoin Soars Following Fed’s Announcement 

Following Fed’s interest rate hike announcement, as predicted by MyCryptoParadise on its News Channel, Bitcoin soars immediately, which before Fed’s hike, it was trading close to $21,500, while writing this, Bitcoin is trading at $22,700, this is just a handful of MyCryptoParadise market analysis, you will enjoy more with our ParadiseFamilyVIP, maximize this chance now by using PRO20% as your promo code for your special 20% discount before it expires, we share our personal trading signals that will definitely change your life.

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Like Bitcoin, Ethereum also shoots up by some percentage, and in the last 24 hours, the global crypto market cap hits $1 trillion.

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