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Bitcoin climbs after U.S. Feds announce rate rise

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2 years ago

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Bitcoin has reached new heights climbing by 6 per cent on Wednesday

This is the biggest price hike in about 20 years and came after the Federal Reserve raised rates by half a point.

The price of the cryptocurrency grew just before the Federal Open Market Committee’s meeting.

Fed Chair Jerome Powell says “A 75-basis-point increase is not something that the committee is actively considering” but there are expectations of inflation “flattening out”.

WASHINGTON, DC – JANUARY 29: Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting on January 29, 2020 in Washington, DC. Chairman Powell announced that the Federal Reserve will not be adjusting interest rates. (Photo by Samuel Corum/Getty Images)

During the meeting Bitcoin climbed to just over 40 thousand dollars.

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