Cryptocurrency Market Agenda: ''Interest Rate Doping for Bitcoin''

The interest rate decision announced by the US Federal Reserve (Fed) the other day put pressure on cryptocurrency. Investors of the cryptocurrency leader Bitcoin, paid attention. While investors who invested their money in coins such as Bitcoin, Ethereum, Dogecoin, Ripple, TLM, Mana stated that they expected a major breakthrough, there was movement in Cryptocurrencies after the Fed's decision. Here are the details...

The Fed raised its policy rate by 75 basis points in line with expectations. The Fed raised the interest rate from 2.50 percent to 3.25 percent. With this move, the FED, which raised interest rates by 75 basis points, continued its aggressive tightening move. The year-end interest rate forecast of bank officials was stated as 4.4 percent. Fed Chairman Jerome Powell, who made statements after the interest rate decision, noted that they will continue to raise interest rates until they reach the 2 percent inflation target. Consumer prices announced last August increased by 8.3 percent on an annual basis, exceeding market expectations. While rising inflation forced the Fed to implement tight monetary policy, this situation caused an increase in selling pressure in risky assets. Stock markets and cryptocurrencies are negatively affected by the Fed's interest rate move. The leading coin BTC, which was traded at $ 19,867 with a premium of more than 3 percent before the interest rate decision, fell to $ 18,125 after the critical development. Bitcoin completed the day at $ 18,461. BTC, which started today at $ 18,461, is currently trading at $ 18,900, rising compared to the previous closing level. The price of Ethereum (ETH), the second highest-volume digital currency after BTC, moved around $ 1400 before the interest rate decision and fell to $ 1220. Ethereum completed the day at $ 1245. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!   The investment information, comments and recommendations in this article do not constitute investment advice. Investment advisory services are provided individually, taking into account the risk and return preferences of individuals. The content contained herein is in no way directive and the recommendations are general in nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in accordance with your expectations.