Bitcoin sinks 3.2% as Fed raises interest rates by 50 basis points

The Fed announces a 50 bps hike, Bitcoin sinks to $17,762 in response to the news.

Samuel Wan
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Samuel Wan
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Bitcoin sinks 3.2% as Fed raises interest rates by 50 basis points

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The Fed raised interest rates by 50 basis points (bps) following the Dec. 14 Federal Open Market Committee (FOMC) meeting. This brings the Federal Funds Rate to 4.25-4.5%.

Bitcoin reacted with an immediate 3.2% swing to the downside, bottoming out at $17,762 on the 19:00 (UTC) 5-minute candle.

Bitcoin chart
Source: BTCUSDT on TradingView.com
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Samuel Wan
Samuel Wan
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Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.

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Bitcoin BTC (24h)
$79,595.16 -1.73%
Market Cap $1.59T
24H Volume $34.15B