The European Central Bank has raised interest rates again. The central bank’s three main interest rates have been raised by 0.5 percentage point, bringing the deposit rate to 2.5 percent. The Bitcoin price has reacted mildly negatively to the fifth interest rate increase in a row by the ECB.
Today’s rate hike of 50 basis points (0.5%) is the same size as the last one implemented in December. The European Central Bank (ECB) has also announced its intention to raise interest rates again by half a percentage point at its next policy meeting in March. After this, there will be an evaluation of how to proceed with the interest rate.
Bitcoin price reacts negatively to ECB rate hike
The Bitcoin price has reacted negatively to the interest rate decision of the European Central Bank. The price dropped from $24,000 to a low of $23,513 at the time of the announcement. Since then, the price seems to be recovering somewhat, with it standing around $23,672 at the time of writing.