How the Recent Interest Rate Hike May Affect Cryptocurrencies

August 3, 2022 13:20:00

After weeks of intense speculation, the U.S. Federal Reserve has increased benchmark interest rates by 0.75% as inflation levels have soared. A statement from the Fed states that high inflation levels, increasing energy and food prices and the Russia-Ukraine war have caused upward pressure on inflation and impacted global economic activity. The most recent interest rate increase, which is the fourth consecutive such hike this year, will most likely increase volatility within the cryptocurrency market.

The Fed seems hell-bent on forestalling inflation and has taken an increasingly hawkish stance to ensure inflation remains at 2% over the long term. The most recent interest hike will most likely throw another monkey wrench at the crypto market soon after the industry saw historically low prices and…

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