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  • Home
  • News
    Bets increase on a soft landing in the U.S

    Bets increase on a soft landing in the U.S

    69% of investors believe metaverse entertainment will change social lifestyles

    69% of investors believe metaverse entertainment will change social lifestyles

    European oil companies want to follow in Chevron’s footsteps to operate in Venezuela

    European oil companies want to follow in Chevron’s footsteps to operate in Venezuela

    Amgen buys Horizon Therapeutics for US$ 25 billion

    Amgen buys Horizon Therapeutics for US$ 25 billion

    Europe prepares law to make airlines that pollute more pay higher costs

    Europe prepares law to make airlines that pollute more pay higher costs

    Why are Asian investors selling their tech stocks?

    Why are Asian investors selling their tech stocks?

    Here’s what the economy and markets will look in 2023, according to JP Morgan

    Here’s what the economy and markets will look in 2023, according to JP Morgan

    Are technology stocks coming to the end of their reign?

    Are technology stocks coming to the end of their reign?

    Amazon fined millions for manipulating algorithms in its favor

    Amazon fined millions for manipulating algorithms in its favor

  • Markets
    Bets increase on a soft landing in the U.S

    Bets increase on a soft landing in the U.S

    What are CFDs and what are their advantages?

    Getting started with CFD trading

    Goldman Sachs lands with more strength at Santander and BBVA

    Goldman Sachs lands with more strength at Santander and BBVA

    With inflation in recession, what stocks should you consider?

    With inflation in recession, what stocks should you consider?

    Should payment for order flow be maintained in the stock market?

    Should payment for order flow be maintained in the stock market?

    Why are Asian investors selling their tech stocks?

    Why are Asian investors selling their tech stocks?

    Here’s what the economy and markets will look in 2023, according to JP Morgan

    Here’s what the economy and markets will look in 2023, according to JP Morgan

    Are technology stocks coming to the end of their reign?

    Are technology stocks coming to the end of their reign?

    Inflation is starting to ease but not enough

    Inflation is starting to ease but not enough

  • Investing
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    Two biotech stocks that could explode soon

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    Where to invest in 2023? These are the most likely trends

    Will Ford shares be profitable in 2023?

    Will Ford shares be profitable in 2023?

    Some interesting options for investing in leisure and travel companies

    Some interesting options for investing in leisure and travel companies

    Plug Power’s commitment to green hydrogen

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    Investing in Auto Trader: vehicle sales at a turning point

    Investing in Auto Trader: vehicle sales at a turning point

  • Technology
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    Banning TikTok in the U.S. could benefit Meta

    Microsoft leads the ranking of the best-managed companies in 2022

    Microsoft leads the ranking of the best-managed companies in 2022

    Apple: consequences of the Foxconn conflict will continue until 2023

    Apple: consequences of the Foxconn conflict will continue until 2023

    5 must-have skills to get a job in 2023

    5 must-have skills to get a job in 2023

    UK changes strategy on Internet content control

    UK changes strategy on Internet content control

    EU organized a party in the metaverse and nobody attended

    EU organized a party in the metaverse and nobody attended

    The metaverse companies with the highest revenues in 2022

    The metaverse companies with the highest revenues in 2022

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  • CryptocurrenciesTRENDING
    69% of investors believe metaverse entertainment will change social lifestyles

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    Bitcoin falls after Fed decision to raise interest rates by 0.50%

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    The future of cryptocurrencies, according to Larry Fink

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    How Much Bitcoin Should You Buy: 5 Factors to Consider in 2023

    How Much Bitcoin Should You Buy: 5 Factors to Consider in 2023

    Between two extremes: what will the price of Bitcoin be in 2023?

    Between two extremes: what will the price of Bitcoin be in 2023?

    FTX crash spreads and affects BlockFi

    FTX crash spreads and affects BlockFi

    EU organized a party in the metaverse and nobody attended

    EU organized a party in the metaverse and nobody attended

    Why does The WSJ continue to question Tether’s financial health?

    Why does The WSJ continue to question Tether’s financial health?

    Brazilian Congress approves bill to regulate cryptocurrencies

    Brazilian Congress approves bill to regulate cryptocurrencies

INVESTOR TIMES
Home Cryptocurrencies

Bitcoin falls after Fed decision to raise interest rates by 0.50%

Santiago Contreras by Santiago Contreras
12/15/2022 - 11:31
in Cryptocurrencies
Reading Time: 2 mins read
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  • After surpassing $18,000 for the first time in over a month, the price of Bitcoin and other cryptocurrencies fell.
  • In addition to interest rate hikes, investors continue to monitor the fallout from the FTX collapse.
  • The price of Bitcoin is directly correlated to the movements of U.S. stock indexes.

The Bitcoin (BTC) price retreated again on Thursday after the U.S. Federal Reserve (Fed) announced further interest rate hikes and investor concerns about the contagion effect of the collapse of the FTX cryptocurrency exchange remain elevated.

This week, the world’s largest cryptocurrency by market capitalization surpassed $18,000. The digital currency traded as high as 18,350.50; however, by Thursday at 8:36 am (GMT-4) its price had fallen to USD 17,517.56, according to eTorodata.

On the other hand, Ethereum, which also hit a more than one-month high of 1,350 USD on Wednesday, also fell. At the same time, the world’s second-largest cryptocurrency was trading at USD 1273.86.

The fall in cryptocurrencies came immediately after the Fed announced a further interest rate hike by 0.5 percentage points. This is the highest level reached by benchmark rates in more than 15 years.

Jerome Powell, chairman of the US Federal Reserve.

BTC correlation with Nasdaq

During the announcement, Fed Chairman Jerome Powell predicted more hikes next year. The fall of cryptocurrencies was followed by the collapse of stock prices which also depreciated.

As is known, the price of BTC is closely correlated with the movements of US stock indexes. Especially with the technology index, the Nasdaq. That is to say that when the technology stock market goes up or down so does BTC.

The U.S. central bank began fighting a tough battle this year against the high inflation that came as a result of pandemic financial stimulus. To try to nip the problem in the bud, the Fed has made the cost of money more expensive in hopes of slowing economic activity.

So far inflation has remained very high, although it has shown signs of slowing in the last two months. The Federal Open Market Committee approved a half percentage point increase in the overnight lending rate. The rate is currently in the range of 4.25% to 4.5%.

Powell not only announced the interest rate increase, but also stated that the agency expects to continue to maintain higher rates next year, with no intention of reducing their level until 2024.

Investors remain concerned about FTX effect

Another element that is weighing on the price of Bitcoin and other digital assets is investors’ concern about the negative consequences of the unexpected fall and subsequent bankruptcy of cryptocurrency platform FTX.com.

The collapse of the company founded by Sam Bankman-Fried triggered an earthquake in the crypto market. Binance CEO Changpeng Zhao exposed his former partner by starting to liquidate his FTT holdings and referring to the Coindesk article describing the company’s financial situation.

Bankman-Fried is being held in the Bahamas on criminal charges by U.S. federal prosecutors. He has also been denounced and sued civilly by U.S. regulators.

FTX is accused of fraudulently commingling funds deposited by clients with assets of FTX’s sister company, Alameda Research. The hedge fund created by Bankman-Fried was used to leverage FTX’s loans. But it was also used to cover the lavish personal expenses of the managers of both companies.

According to disclosures made by the company’s current CEO, John J. Ray, to lawmakers that what he did at FTX “is really old-fashioned embezzlement.”

Binance under observation

Separately, Binance, the world’s largest cryptocurrency exchange and FTX’s former rival, also came under pressure this week after halting withdrawals of the Circle USDC stablecoin. Investors were worried fearing that the company was also in trouble.

Fortunately, Binance was able to resume withdrawals after keeping about 8 hours the service paralyzed. The crypto winter, which has already wiped several DeFi companies from the crypto space, has become more raw after the FTX disaster. It has also revealed that no company is safe from the crisis the industry is experiencing.

Tags: BinanceBitcoinFederal Reserve (Fed)FTX

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