Federal Reserve Backs Down With Rate Hikes, What Does This Mean For Bitcoin?

As a result of the Fed’s speech, BTC rose from a low of $22,750 to its current price of $23,427 in an hour. The Ether price also shows a nice price increase of more than 2.5 percent in the past hour. Polygon and Solana even record a share price gain of more than 4 percent in the past hour.

The Federal Reserve remains strict

Despite the fact that the Fed seems to be phasing out interest rate hikes, the committee remains committed to an inflation target of 2 percent. The chairman, Jerome Powell, said in his speech that price stability is the basis of the economy and that it must be maintained at all costs. Continued increases will be appropriate to bring inflation back to 2%, he said.

Powell said today that there is a good chance that further interest rate hikes are in the offing in the coming months. That would not be great news for stocks and crypto prices.

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