The US interest rate rose 75 percentage points and the bitcoin price rallied as high as $22,000. Although interest rate increases have caused heavy losses in the crypto market lately, this time the situation is reversed and most charts are green for now.
In March, the US Federal Reserve increased interest rates by 0.25 percent and in May by 0.50 percent. The crypto market, and with it bitcoin, has drastically dropped. BTC fell from $40,000 to $30,000.
Bitcoin recently dropped to $20,000. Many cryptocurrencies suffered huge losses at the same time. As an agency of the US central bank, the FOMC ended today its current monthly meeting to discuss the key interest rate consideration. At the end of the meeting, it was concluded that the interest rate would increase by 0.75%.
First Image: unsplash
Read more: bitcoin-2go