u.today
The U.S. Federal Reserve made a decision to hike its target interest rate by a quarter of a percentage point during its first policy meeting of 2023.
This came after the world’s most powerful central bank implemented a series of significant interest rate hikes last year in order to battle inflation.
Recent data indicated that the Fed had partially succeeded in snuffing out inflation.
Bitcoin’s terrible performance in 2022 was mainly attributed to the Fed’s extremely hawkish monetary policy.
For now, however, a Fed pivot remains unlikely, and the central bank is determined to continue its inflation fight.
The central bank believes that ongoing rate increases will be appropriate.
The Bitcoin price experienced minor volatility following the announcement, currently trading at roughly $23,000.
