As Fed hikes rates to highest since 2008, Bitcoin and gold shine amid banking crisis Quick Take
- The Fed’s 25-basis-point hike was expected, with a hawkish tone: “Some additional policy firming may be warranted.”
- That takes the fed funds rate to 5.00-5.25% — the highest level since the GFC 2008.
- After Powell spoke, regional banks continued their spectacular collapse, and PacWest more than halved in extended trading when news came out about strategic options, including a sale.
- During this current banking crisis, Bitcoin reclaimed $29,000 — while Gold printed a new all-time high.
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
In this insight
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
