Bitcoin climbs 6% after Fed's half-point interest rate hike
Federal Reserve Chair Jerome Powell said, “The American economy is very strong and well-positioned to handle tighter monetary policy,” he said, adding that he foresees a “soft or softish” landing for the economy despite the tightening
By Shubhangi Mathur
Published - May 05, 2022, 02:48 AM ET
Last Updated - Feb 27, 2024, 06:51 AM EST
• The cryptocurrency climbed as high as $40,002
Bitcoin surged about 6% on Wednesday after the US Federal Reserve raised interest rate by half a percentage point or 50 basis points.
The half-point hike in the rates—the biggest jump in 22 years—comes as the country struggles with a high inflation.
Federal Reserve Chair Jerome Powell said, “The American economy is very strong and well-positioned to handle tighter monetary policy,” he said, adding that he foresees a “soft or softish” landing for the economy despite the tightening.
