The recent US interest rate decision has sent Bitcoin’s price on a downward trajectory before experiencing a bounce back – raising questions about where BTC is heading now.
As investors and market analysts try to decipher the future direction of Bitcoin’s value, this update aims to provide valuable insights and predictions to help navigate the ever-changing cryptocurrency landscape.
US Interest Rates Reach 16-Year High
The Federal Reserve recently approved its 10th interest rate increase in just over a year, suggesting that this tightening cycle may soon come to a close.
In a widely anticipated decision, the central bank’s Federal Open Market Committee raised the benchmark borrowing rate by 0.25 percentage points.
This rate affects various types of loans, including mortgages, auto loans, and credit cards, as it determines the rate banks charge each other for overnight lending.
The new fed funds rate is now between 5% and 5.25%, the highest since August 2007.
Market observers are keen to find…