Fed Rate Hike Decision News: The Federal Open Market Committee (FOMC) announced a 0.50% interest rate rise, as per the market expectation.The Fed said the repeat rate hikes at ongoing rate increases are likely appropriate.This marks a slowdown in rate hike after several months of rising rates by 75 bps amid inflation concerns.Following the encouraging 24 hours of crypto trading after the release of November Consumer Price Index (CPI) data, the stock markets have been on an upward curve on Wednesday.
However, the Fed announcement led to a crash in crypto and stock prices.
The CPI rose at an annual 7.1%, which led to a rise in stocks on Tuesday.The latest FOMC interest rate decision came in the wake of recent comments from Fed chair Jerome Powell about potential slowing down of interest rate hike.Accordingly, the markets were in anticipation of a 50 bps interest rate rise.Fed chair Jerome Powell is expected to reveal economic projections on interest rates, unemployment, inflation and economic growth in the United States.
Also Read: FTX Hearing: Kevin O’Leary Attacks Binance Calling It An “Unregulated Monopoly”
Crypto Prices Go Down
In the last one hour prior to the rate hike announcement, Bitcoin (BTC) price rose by around 1.05%.
This indicates a positive momentum with expectation of 50 bps rate rise.As of writing, BTC price stands at $17,953, up 1.27% in the last 24 hours, according to price tracking platform CoinMarketCap.However, BTC took a drop by 0.55% after the rate rise announcement.
Also Read: Top ETH Whales Buying Polygon (MATIC); Will MATIC Price Surge?
Trending Stories
– Top ETH Whales Buying Polygon (MATIC); Will MATIC Price Surge?
– Japanese Power Giant To Mine Bitcoin
– FOMC: Bitcoin (BTC) And Ethereum (ETH) Prices Spike In Anticipation Of 50 Bps Rate Hike
– XRP News: 411 Million XRP On The Move; XRP Reclaims 6th Spot
– Crypto Expert Predicts Ethereum (ETH) Price; Time To Buy?
– Tron Founder Justin Sun Withdraws 100M BUSD From Binance, FUD Ending?
– Bitcoin Price Prediction: BTC Enters Pre-Halving Accumulation Phase, Time To Buy?
– Worst 3 NFT Tokens This Week: Flow, Chiliz, and Axie Infinity Are The Big Coins In NFT That Dropped
– Top Crypto Gainers Today: Toncoin Price Jumps 12.06%, Bitcoin, Aptos, & Solana Also See Positive Price Movement
– Shiba Inu News: SHIB Tokens Emerges As Top Choices Among Ethereum Whales
– Bitcoin, Ethereum Price Prediction- Technical Chart Hints A Minor Pullback Before Next Bull Cycle
– Here’s Shiba Inu Price Analysis Guide For The Coming Week
– Ethereum Price Prediction: Market Recovery Sets ETH Prices For 8.8% jump
– Bitcoin Price Prediction: How Far BTC May Prolong Its Ongoing Rally?
– Gala Games Crypto Price Prediction: Here’s Why It May Rise 30% In Coming Weeks?
– Top 5 NFT Coins To Buy Before Entering 2023
– Completing This Bearish Pattern, Is XRP Price Revisiting $0.32 Mark?
– Top 5 DeFi Coins That May Boom In 2023
– Here’s Ethereum (ETH) Price Analysis For The Coming Week; Buy Now?
– Will Bitcoin (BTC) Price Struggle To Surpass $17300 Lead To Deeper Correction?.
