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Bitcoin Jumped Back Past $40,000 After Fed Hikes Interest Rates by 0.25 Basis Points

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Hand holding gold bitcoin with blurred candlestick chart in the background.

Bitcoin and other top cryptocurrencies by market capitalization jumped on Thursday after the US Federal Reserve hiked interest rates.

Source: US Federal Reserve

BTC USD down -0.12%

The US central bank raised its benchmark interest rate by 0.25 basis points for the first time since 2018.

The Fed stated that Russia’s invasion of Ukraine is highly likely to build up an upward pressure on inflation.

Powell stated that it is not likely that the US economy will enter into financial depression as FOMC participants continue to forecast growth and low unemployment rates.

The crypto market reacted positively, with the price of Bitcoin surpassing the US $40,000 and held steady as of Thursday morning Asia time.

The peer-to-peer currency had been consolidating below that mark for nearly a month with momentary jumps in the daily chart. It is uncertain whether the $40,000 mark will hold.

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