Bitcoin Surges After Fed Rate Hike

Published by
The Street

By Ellen Chang Cryptocurrency prices rose after the Federal Reserve hiked rates by ‘only’ 0.75%. Cryptocurrency prices rallied quickly after the Federal Reserve hiked rates by 0.75% instead of 1% in an effort to slow down high inflation rates. Bitcoin, one of the most popular digital assets, rose by 8.69% to 22,786 in afternoon action while ethereum increased by 15.64% to 1,595.01. The second largest increase in valuation was 10.2% to 58.15 in litecoin. The Federal Reserve delivered its second major rate hike in succession on Wednesday, raising its target rate by 0.75% and stating that expects…

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