Some CRYPKYP functionalities are depricated as of October 2022 and will no longer be populated until further development and future version.
Although all here is visible and interactable you can not Contribute to those articles.
Try looking at other information on the Platform and Contributing there!
Have a great day,
CRYPKYP Team
After the Federal Open Market Committee (FOMC) meeting on September 21, the Federal Reserve hiked interest rates by 75 basis points, bringing the Federal Funds Rate to 3.25 percent. Bitcoin responded with a 6.5% decline that bottomed out at $18,600.
On September 13, the Bureau of Labor Statistics issued Consumer Price Index (CPI) statistics indicating a rise of 0.1% in August, resulting in an annual inflation rate of 8.3%.
The higher-than-anticipated pace of inflation crushed hopes that past increases in interest rates would stem the escalation of consumer costs.
Against the scorching payroll, statistics revealed a gain of 528,000 jobs in July, which was more than double what analysts had anticipated, the pressure was on for another “jumbo rise.”
Since then, dollar strength has increased further, with the euro falling to a 20-year low of 0.98. While the pound continues to decline versus the dollar, trading around 1.13 now.
As a result, speculation of a 100 bps point increase appeared on the agenda. However, following its deliberations, the Fed decided not to go to such lengths.
In May 1981, during what was widely regarded as the worst recession since the Great Depression, the Fed last increased rates by 100 basis points.
The last FOMC meeting finished on July 27, resulting in a 75 basis point increase. Bitcoin responded with an 18% increase in value, completing the day at $22,900.
Bitcoin reached a local low of $18,800 in the morning before today’s announcement reaching a high of $19,950 on the eve of the report.
However, upon the revelation of the news, an instant sell-off occurred, disproving the notion that the weekend sell-off reflected the market’s anticipation of the announcement.
