Just in: Bitcoin Pumps above $22k as Fed Hikes Rates by 75 BPS
Bitcoin has been tightly correlated to stocks throughout the year , especially when responding to Federal Reserve policy. The S&P 500 rose by 1.2% while the NASDAQ 100 pumped by 2.5% on the day.
A sizeable portion of the market began to fear a 100-basis point hike was imminent following the Canadian central bank’s equivalent hike earlier this month. However, most expected a 75-point hike, as indicated by Powell during June’s FOMC press conference. The Fed’s effort to raise interest rates is to cool the red-hot inflation that’s been plaguing the country throughout the year. June’s CPI report recorded 9.1%, the highest in 40 years – and well above the Fed’s 2% target.
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