Bitcoin Price and Stocks Plummet as Fed Chair Says Investors Are Being ‘Too Frantic’
The crypto market saw a decline in value this week, primarily due to the FOMC’s decision to raise interest rates by 50 BPS.
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Bitcoin Sheds 8% After Fed Reveals More Interest Rate Hikes on the Way Throughout 2023
Bitcoin lost more than -8% today, plunging to late July price levels and erasing most of the gains accrued in the past three weeks. BTC/USD traded as high as $25,130 earlier this week and hit a daily low of $21,510 earlier today.
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What Could EUR/USD Parity Mean For Bitcoin?
On Tuesday, the exchange rate for the euro expressed in the US dollar dropped to its 20-year low of roughly $1.001. This marks another in a series of drops that have seen the euro lose nearly 16% in the past 12 months.
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The Fed’s Conference Panelists Conclude That Digital Assets are Not a Threat to Dollar’s Domination
In June, the Federal Reserve (Fed) hosted its first-ever conference focused solely on the global role of the US dollar. On Monday, a write-up on the conference was published, which provides interesting insights into the positions held by top researchers, policymakers, and market experts on the “evolving roles of the U.S. dollar.”
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Fed’s “Tapering” Leads to a Correction in Crypto Markets and other Risk Assets
After a month-long period of downward momentum and trading in a relatively tight range, Bitcoin and the broader crypto market were hit by a severe flash crash on Friday, which torpedoed prices of most crypto assets and, in several cases, sent them to 2-month lows.
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Federal Reserve will “Soon” Reveal its Stance on Central Bank Digital Currency
According to the Federal Reserve (Fed) chairman Jerome Powell, the report on the feasibility of the central bank digital currency (CBDC) will “soon” be released and will include cost analysis and a list of benefits of transitioning to a monetary system powered by a blockchain-enabled currency.
