Bitcoin holds steady as ECB implements 75 bps rate hike
Bitcoin saw a slight sell-off on news the European Central Bank had hiked rates by 75 basis points, suggesting the actions were already priced in by the market.
Crypto market leader Bitcoin continued trading flat after the European Central Bank (ECB) announced a 75 basis point hike on Thursday.
At the end of August, Eurozone consumer inflation hit 9.1%, the highest level ever, and the ninth consecutive month of consumer price increases.
With that, analysts expected the ECB to implement “jumbo rate hikes” to tackle surging living costs.
In the run-up to the announcement, economists were expecting a 50 basis point hike. However, several Wall Street Banks predicted the ECB to hit hard with a 75 basis point increase. Hit hard they did while also signaling further hikes ahead.
Markets appeared unruffled as Bitcoin saw a 1% swing to the downside on the 13:00 UTC hourly candle. Meanwhile, European indices witnessed slight sell-offs, with the FTSE bucking the trend with a 2-point gain, suggesting a “jumbo hike” was already priced in by investors.