Bitcoin fluctuates sharply after the federal decision

Bitcoin fluctuates sharply after the federal decision

After the announcement of the federal interest rate decision BitcoinWhen sales first came, this decline was short-lived. Bitcoin traded below $ 20,200 in the morning FedIt was $ 21,092 before the decision to increase the rate by 75 basis points.

After the decision was announced at 21:00, Bitcoin fell to $ 20,392 in the first 15 minutes. And then turned upwards.

Fed Chairman Jerome Powell said at the next meeting that the door was open for a 75 basis point rate increase, but investors welcomed the fact that he did not think the 75 basis point increase would change regularly.

Powell’s statements were taken seriously by the Federation in the fight against inflation on the one hand and did not want to create a recession on the other. This message led to a rise in the markets.

Rise in exchanges

U.S. stock markets rose after Powell’s statements, which began at 21.30. Prior to the announcement, the S&P 500 index was up 1.4 per cent, close to yesterday’s closing. In Powell’s speech, the Nasdaq Composite Index rose to 11,138 from 10,905.

$ 22,000 Yes

Bitcoin rose above $ 21,700 at 21:45, parallel to the stock markets. With this new risk appetite, Bitcoin saw $ 22,000 at 22.30. Later it dropped again to below $ 21,700.

Of course, despite this last relief, the losses caused by high inflation could not be offset. Last Friday, the U.S. announced May inflation at 8.6 percent, the highest in 41 years. With annual inflation exceeding 8.3 per cent, cryptocurrencies saw strong sales. Before the data was released, Bitcoin was worth about $ 30,000.

As inflation exceeded expectations, the federation had earlier raised its target by 50 basis points, which was revised to 75 basis points. Today, the Federal Reserve rose 75 basis points and made a decision in line with this expectation.


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