The Fed Rate decisions, which the crypto money market and the world have been eagerly waiting for, have finally been announced. The Federal Open Market Committee of the US Federal Reserve (FOMC) continued its rate hikes at its meeting on Wednesday. So what are the levels? What happened to the price of the leading cryptocurrency Bitcoin (BTC)? Here are the details…
The highly anticipated Fed Rate Decisions have finally been announced!
The Federal Open Market Committee of the US Federal Reserve continued its more than a year of rate hikes on Wednesday, raising the Fed funds rate by 25 basis points to the target range of 5%-5.25%. The price of the leading cryptocurrency Bitcoin (BTC) remained stable immediately after the news, trading at about $ 28,600.
The Fed’s move was widely anticipated, however, but investors turned to its accompanying policy statement for clues as to whether the central bank is considering a pause after a historic interest rate hike from 0% in early 2022 to today’s 5-5.25%. and looking at President Jerome Powell’s post-meeting press conference. The interest rates announced instantaneously were in line with the expectations of the investors.
The statement drew attention to stricter credit conditions!
The press release drew attention with the removal of previous statements indicating that rate hikes are certain to continue. The statement noted that “tighter credit conditions” are a forward-looking pressure factor on the economy, and it was stated that the FOMC will “take into account cumulative tightening of monetary policy, delays in monetary policy influencing economic activity and inflation, and economic and financial developments”.
However, although inflation has dropped from its nearly double-digit rate a year ago to its current level of around 5%, it remains well above the Fed’s 2% target, suggesting that further tightening of monetary policy is needed.
How is the Bitcoin price?
In line with the Fed Rate decisions announced on Wednesday evening, the price of the leading cryptocurrency Bitcoin remained stable at $ 28,600. Despite this, investors think that the actual price level of Bitcoin will be priced after Jerome Powell’s speech and are waiting for Jerome Powell’s speech. Instantly, Bitcoin price is trading at $ 28,570.
