The primary cryptocurrency rose by 2.5% in response to the US central bank’s announcement of another 75 basis point hike to its policy rate.
Trading for only $21,688 at 13:30 EST, Bitcoin quickly pumped to $22,209 at 14:10 EST shortly after the rate hike was announced.
The price move is hardly a first: Bitcoin’s price has gone volatile immediately following numerous FOMC meetings throughout the year.
At times, the volatility is short-lived; at others, rate hikes have long-standing effects on the crypto and stock markets.
The Fed’s effort to raise interest rates is to cool the red-hot inflation that’s been plaguing the country throughout the year.
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