Bitcoin (BTC)Crypto News

Bitcoin Stable at $19,000 Despite BOE 50bp Rate Hike

Bitcoin Stable at $19,000 Despite BOE 50bp Rate Hike, Crypto Trading News
In an attempt to keep the furious inflation To combat this, the Bank of England raised interest rates by 50 basis points today.

The price of BTC remained stable with no significant volatility, in contrast to what happened yesterday when the Fed did the same.

  • Inflation rates in many countries have skyrocketed in recent months and the UK is no exception. The percentage there approached 10% for the month of August – a level not seen in several decades.
  • The central bank – the Bank of England – has used one tool in particular to combat runaway inflation – raising interest rates.
  • The last hike came earlier than the institution today behaved interest rate by another half percent to 2.25%. While slightly below most expectations, the current level is the highest since the 2008 crisis.
  • Yesterday the US Federal Reserve did something similar, but the rate hike was there 75 basis points. This had a profound impact on the price of BTC as the asset’s volatility pushed it to a fresh three-month low.
  • The action of the BOE had no effect on the primary, at least for now cryptocurrencyas it stands still at around $19,000.
  • Interestingly, when the European Central Bank elevated BTC also remained stable with its benchmark rates. So far it appears that only the Fed’s actions are leading to increased volatility.

Source: Crypto News Deutsch

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