Bitcoin and the broader crypto market rapidly reversed course in response to the U.S. Federal Reserve’s announcement of a 50-basis-point increase in interest rates, erasing any gains made before the disclosure. The Federal Reserve has been steadily raising interest rates in an effort to ease the economy and rein in inflation, which has driven prices of basic commodities to record highs. Yesterday, Bitcoin’s price reached a one-month high and had a brief recovery of positive momentum, but a conservative report from the Federal Open Market Committee (FOMC) and remarks from Fed chair Jerome Powell drove BTC to an intraday low of $17,659. Related Reading: LINK Still On ETH Whales’ Shopping Cart Despite Dismal Performance In Last 7 Days A Whipsaw For Bitcoin After Fed Disclosure According to TradingView data, the BTC price saw a bit of a whipsaw in response to the central bank announcement, rising to an intraday high of $18,377 before falling to a low of $17,663 in a few of hours before bulls pushed it back up above the $17,800 support. Prior to Powell’s announce ..
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