The US central bank, also known as the Federal Reserve, has today announced an interest rate hike of three quarters of a percentage point. After the announcement, the Bitcoin price rose by more than 6 percent.
Crypto Prices Rise Right After Fed Announcement
The increase of three quarters of a percentage point was already expected by analysts. Less than a week ago, the European Central Bank also raised interest rates by half a percentage point.
In recent days, cryptocurrency prices have fallen ahead of the US central bank’s announcement. Today we see that the prices of the main cryptocurrencies are rising again. For example, the Bitcoin price has risen by more than 7 percent in the past 24 hours and the Ethereum price has even risen by more than 14 percent.
The rise in prices is mainly because investors are relieved that interest rates were not raised more than analysts had already predicted.