Bitcoin surges above $22.2,000 as Fed votes for 75 basis point rate hike
No surprises from the Fed as Bitcoin bulls see rewards for long delays with upcoming press conference.
Market Update
Bitcoin (BTC) charged over $22,000 on July 27 after the US Federal Reserve decreed another major interest rate hike.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed that BTC/USD reacted positively to confirmation that the Federal Open Markets Committee (FOMC) voted unanimously to raise the federal funds rate by 75 basis points .
“The Committee seeks to achieve a maximum employment and inflation rate of 2% over the long term,” said a press release.
"To support these objectives, the Committee has decided to raise the target range for the federal funds rate to 2-1/4 to 2-1/2% and anticipates that continued increases in the target range will be appropriate."
Markets were already expecting 75 basis points to be the Fed's next move. Commentators, however, have increasingly considered the implications of the central bank's balance between controlling inflation and preventing recession in the future.
"Watch the Fed abandon rate forecasts and commitments and embrace data dependence. This cycle of hikes ends tomorrow at 2 p.m. Buy bonds," said David Rosenberg, Founder and Chairman of Rosenberg Research & Associates,
No surprises from the Fed as Bitcoin bulls see rewards for long delays with upcoming press conference.
Market Update
Bitcoin (BTC) charged over $22,000 on July 27 after the US Federal Reserve decreed another major interest rate hike.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed that BTC/USD reacted positively to confirmation that the Federal Open Markets Committee (FOMC) voted unanimously to raise the federal funds rate by 75 basis points .
“The Committee seeks to achieve a maximum employment and inflation rate of 2% over the long term,” said a press release.
"To support these objectives, the Committee has decided to raise the target range for the federal funds rate to 2-1/4 to 2-1/2% and anticipates that continued increases in the target range will be appropriate."
Markets were already expecting 75 basis points to be the Fed's next move. Commentators, however, have increasingly considered the implications of the central bank's balance between controlling inflation and preventing recession in the future.
"Watch the Fed abandon rate forecasts and commitments and embrace data dependence. This cycle of hikes ends tomorrow at 2 p.m. Buy bonds," said David Rosenberg, Founder and Chairman of Rosenberg Research & Associates,
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