IITMIND: EdTech, Finance and Crypto currencies


The year 2022 is going harsh as the US Fed again raises interest rates by 50 bps, as recent CPI data reveals inflation at 7.1%.

The US Federal Reserve recently made a hike in interest rates by 50 bps after the inflation data came out at 7.1% which is lower than expected. After this, the volatility picked up as the Fed meeting commenced, with Bitcoin fall to $17,600.

November CPI data came in lower than expected yesterday, prompting Bitcoin to front-run today’s Fed meeting slightly. Just a few hours before the announcement of a hike in interest rates, Bitcoin saw a jump and touched $18,300. After the meeting started, the top cryptocurrency by market cap plunged by $800.

Bitcoin has been seeing a downtrend for more than a year and the sellers are also taking an opportunity to fill their bags before a massive rally. The Bulls have to push Bitcoin through the $20,000 support level before considering a potential bottom in the crypto market.

At the time of writing this article, Bitcoin is trading at $17,540 (down by 2.16% in the last 24 hours) with a market cap of $337.3 Billion.

>> Disclaimer:- Cryptocurrency Investment is subject to high market risk. The information on our website is for educational purposes only. Please do your own research before investing anywhere, we will not be responsible for your investment losses.

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