Bitcoin Price Soars As Fed Chairman Speaks


The Federal Reserve said in a statement Wednesday that it will accelerate a reduction in its monthly asset purchases starting in January, as inflation continues to rise above its long-term target of 2%. The central bank has decided to double the rate of reduction in asset purchases and will now cut it by $30 billion per month, from the previous level of $15 billion.

The Fed is expected to stop buying assets in mid-March, months later than previously expected. The central bank won’t raise rates until that happens but there will be three rate hikes coming in 2022. Bitcoin, which was in the negative territory right before the announcement, quickly rallied to hit 49,500 USD. At the time of writing, BTC is trading above $49,000. Bitcoin Price Soars As Fed Chairman Speaks


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