On the Announcement about the hike in the interest rate, the US dollar is reinforcing and in time leading to a drop in Bitcoin value. Predicting BTC is unlikely which attained $18,400 before the pessimistic situation. Now, Bitcoin will recover if its worth reaches $17,500.
The major cryptocurrencies tumbled on December 15 and the value of the global crypto market has turned down from 1.42% to $857.98 billion. As a result, the entire crypto market proportions have faced a decline of 14.40% which is over $45.67 billion within 24 hours.
Decentralized finance is with a proportion of $2.94 billion at present which accounts for 5.49% value of a day in the crypto market. The entire stablecoins value is $53.26 billion which appraises at 99.53% of the entire day market proportion.
US Fed Notifies on Interest rate resolution
The Federal Reserve Board decided to increase interest rates by 0.5 % on Wednesday which is a lesser and recent increase. The central bank has taken the decision to reform and increase the rates as the past years account for seven successive pull up to bring down the highest inflation from the early 1980s.
The Federal Reserve announced its prolonged Summary of Economic Projections (dot plot).
- The median “dot” for federal fund rates in December predictions rose to a new height of 5-5.25% from 4.5-4.75% in September, indicating a more aggressive path for monetary policy
- This would mean that the Federal Reserve Board now plans to raise interest rates by 0.5 percent, The BTC price has plummeted nearly 0.20% since yesterday.
However, following the announcement of the Fed rate hike, Bitcoin fell below the $18,000 mark which indicates that the selling can continue.
