Bitcoin Tries to Stop the Bleeding Despite Crypto Scandal
The cryptocurrency market needs a break.
After days of continuous tumble, the prices of digital currencies seem to want to take a break, even catch their breath.
The Federal Reserve gave investors some respite by raising its rates very sharply on June 15, the biggest increase in 28 years.
The central bank raised its key rates by three-quarters of a percentage point, or 0.75 percentage point, the biggest increase since 1994, in an attempt to control higher-than-expected inflation.
With this third increase in a row, these rates are now in a range of between 1.5 and 1.75%.
The Fed also announced that it expects inflation to be 5.2% this year, against 4.3% projected in March, and will therefore make further hikes at its next meetings in 2022.
At the same time, it anticipates weaker economic growth than expected this year in the United States, at 1.7%, against 2.8% previously.
It also expects the unemployment rate to be higher than expected at 3.7%, against 3.5% previously.
Investors are still in the process of digesting all these announcements, which had the first effect of making the stock market rebound and more particularly the Nasdaq index.
Cryptocurrencies and technology stocks that are the majority in the Nasdaq have been moving in tandem for several months as investors consider them risky assets.
for more news updates