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Home Markets Cryptos
ETFs, Crypto Market

Image credit: Nairametrics file

United States’ Federal Reserve hike pushes Bitcoin above $22,000

Ajibola AkamobyAjibola Akamo
1 year ago
in Cryptos
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Flagship cryptocurrency asset, Bitcoin rallied above $22,000 moments after the United States Federal Reserve, led by Jerome Powell announced a new 0.75% (75 basis point) interest rate hike in a bid to tame the ever-increasing inflation rate.

A press release by the U.S. Fed stated, “The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 2.25% to 2.50% and anticipates that ongoing increases in the target range will be appropriate.”

The rally in the price of Bitcoin after the announcement indicates that market commentators were right as they had already expected that 75 basis points would be the Fed’s next move. Though expected, commentators, however, increasingly considered the implications of the central bank’s balancing act between taming inflation and avoiding recession going forward.

This is a developing story…


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Tags: interest rate
Ajibola Akamo

Ajibola Akamo

Ajibola Akamo is an Investment Analyst, Financial Analyst, Economist and Accountant. You may contact him via his email ajibolaakamo@yahoo.com

Comments 1

  1. Naija Marketplace says:
    July 28, 2022 at 5:54 am

    A whole lot of stuffs are happening to our financial landscape way too fast

    Reply

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