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Bitcoin Bounces Back As Fed Raises Interest Rates To The Highest Levels Since 2007

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Sep 21, 2022

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Federal Open Market Committee marked the third consecutive hike of this magnitude that central bankers decided for this year. The federal funds rate will be escalating to a range of 3% to 3.25%, which is the highest since late 2007. The decision followed the August CPI, released last week, which showed that inflation rose 0.6% from the month before. The federal funds rate is expected to reach 4.4% by the end of this year. 

Bitcoin (BTC) saw the impact of the Fed’s move and whipsawed following the announcement. However, it sold off later in the afternoon along with U.S. stocks. As of press time, bitcoin was changing hands just below the $19,000 mark.

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