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.
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