Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
In an attempt to fight the galloping inflation, the European Central Bank, similar to its counterparty overseas, raised the key interest rates by 75 basis points.
Unlike the Fedâs interest rate hikes, though, this one has had no real impact on BTCâs price, at least for now.
- With the skyrocketing inflation across the Old Continent, the ECB was a little slow to react at first and failed to follow the Fedâs example for a while.
- However, the central banking authority changed its tune earlier this year by raising the interest rates by 50 basis points.
- Earlier today, the ECB went a step further by increasing the key interest rates by 75 basis points â the largest percentage in the bankâs history.
- Moreover, the organization vowed to continue doing so, arguing that this is the way to fight inflation.
âPrice pressures have continued to strengthen and broaden across the economy, and inflation may rise further in the near term,â â reads an ECB statement.
- Itâs worth noting, though, that the news had little-to-no effect on the cryptocurrency market. Bitcoin remained still â trading at just over $19,000, while ETH is still north of $1,600.
- When the US Federal Reserve increases the interest rates, the crypto market reacts immediately with intense volatility, but this doesnât seem to be the case with the ECB, at least for now.
The post Bitcoin Flat at $19K as ECB Raises Interest Rates by 75 Basis Points appeared first on CryptoPotato.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.