Boom, then bust! Bitcoin and the wider crypto market retraced the majority of today’s gains after the FOMC agreed to raise interest rates by 0.50% and Fed chair Jerome Powell took a rather hawkish stance during his presser.
, but the Federal Reserve’s Federal Open Market Committee hawkish report and comments from Fed chair Jerome Powell sent BTC to an intraday low at $17,659.
Stocks and Bitcoin started the day slightly up but quickly retracted on the FOMC report. To date, Bitcoin price remains closely correlated to equities and a majority of investors have concerns about the impact of further rate increases in the future.Rising interest rates and hawkish talk from Powell impact BTC price
While the Consumer Price Index report showed easing inflation at 7.1%, Powell still wants to reach 2% overall inflation. Inflation has been a determining factor in raising interest rates and the current 0.5% hike had consensus amongst FOMC participants. The Fed members also agree that rate hikes should continue in 2023.During the Dec. 14 press conference, Powell stated:This hawkish tone, combined with the FOMC survey shows interest rates will continue to rise for the foreseeable future.
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