The recent hike signals how serious inflationary pressures have gotten in the United States.
The US Federal Reserve on Wednesday, September 22, raised interest rates by 75 basis points to a range of 3.00%-3.25%. The Federal Reserve is expected to continue raising interest rates this year, with the federal funds rate expected to reach 4.4% by the end of the year.
Bitcoin (BTC) prices saw a sharp decline following the news, falling about 6.5% from its intraday high of $19,950 to $18,660 minutes after the Federal Open Market Committee’s announcement. BTC is currently down 1.67% in the last 24 hours, trading at $18,680.01 at the time of writing.