The Federal Reserve’s announcement seemed to spur the crypto markets higher even though almost everyone expected the Fed hike would happen.
- The Federal Reserve announced that it will raise interest rates by 0.25% at the end of its two-day policy meeting, while the overall crypto sector climbed about 4% to a market cap of more than $1.83 trillion at press time.
- The Fed’s rate increase is intended to slow U.S. inflation, which the latest government data reported at 7.9% for February, marking the highest level in 40 years and the 10th straight month it was higher than 5%.
- Wednesday’s rate hike marks the central bank’s first interest rate increase since 2018.
Bitcoin and the cryptocurrency market in general climbed about 4% following Wednesday’s announcement from the U.S….