The FOMC meeting was concluded on Wednesday and the Fed had finally made its decision public. As expected, there was another interest rate hike but surprisingly, the crypto market did not respond as expected. Instead of wild volatility, digital assets in the space were able to hold on to their gains for last week, sparking speculation on if the reason was the market had reached its bottom.
Bitcoin Responds To Fed Rate Hike
The refusal of the crypto market to dump following another high-interest rate hike points to more strength in the market. Naturally, cryptocurrencies such as Bitcoin which are risk assets are susceptible to a decline in price with such tightening from the Fed, and given that this makes the fourth consecutive 75 BPS hike, a larger dump was expected.
Instead, bitcoin has been able to maintain its position above $20,000 and continues to follow a bullish trend at this time. There are…
