Bitcoin Steady After Rate Hike: Is The Worst Over?
The Federal Reserve has raised interest rates by 25 basis points after Wednesday’s FOMC (Federal Open Market Committee) meeting. While many anticipated the cryptocurrency market to face a correction in the event of an interest rate hike, the developing pattern is quite contrary. CoinGecko data shows that Bitcoin (BTC) has rallied by 0.5% in the last 24 hours. Let’s discuss why Bitcoin (BTC) is not going down despite the Federal Reserve raising interest rates. Why Is Bitcoin Not Going Down Despite Interest Rates Going Up? Source: Forbes One possible reason why Bitcoin (BTC) has gained in the last 24 hours instead of facing a correction is that the asset already faced a correction on Wednesday on account of the CLARITY Act not passing through the US Senate. BTC faced a steep dip, falling to the $75,000 price level. It is possible that investors have exhausted the selling pressure. Also Read: Crypto Market Crashes After CLARITY Failure: More Risk Ahead Another reason for Bitcoi...