Key Ideas

• The decision to increase interest rates by 0.25% has negatively impacted the cryptocurrency market.
• Although this rate is lower than anticipated, the Fed still intends to control inflation and reduce it from 6% to only 2% over the long term.
• The price of bitcoin dropped significantly from $28,800 to $26,700.

The US Federal Reserve (Fed) recently increased interest rates by 0.25%, leaving the rate unchanged from the January adjustment. The entire cryptocurrency market experienced a level of decline following the news.

The current interest rate set by the Fed, which is 5%, is the highest rate since the 2008 financial crisis and is up 4.5% from last year.

Following the failure of three central banks in March (Silicon Valley, Signature, and Silvergate), observers have concluded that the Fed is under pressure and may not be able to continue raising interest rates to control US inflation. As a result, the US is at risk of experiencing a banking crisis.

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Jerome Powell, the chairman of the Federal Reserve, stated in a press conference following the decision to raise interest rates that despite recent events in the US banking sector, urgent policies are needed by supervisory authorities to avert a crisis. Although the crisis grew, the Fed’s long-term goal remained to control inflation and reduce it from 6% to only 2%.

The Fed will still need to make the necessary interest rate adjustments in order to achieve this objective. The Fed’s board of governors will hold meetings to closely monitor the bank’s situation rather than raising rates continuously as originally planned at the end of 2022.

The largest coin in the BTC market experienced a significant dump as a result, falling from $28,800 to $26,700. BTC is currently correcting at $27,300, down 3% over the previous day.

In the previous 12 hours, the cryptocurrency market also saw a liquidation of derivatives worth nearly $225.61 million, more than half of which came from Bitcoin. Long orders are burned at a rate of 74.92%.