Fed announces 75 bps rate hike; Bitcoin tanks 6.5% on the news

The United States Federal Reserve raised interest rates by 75 basis points after the Federal Open Market Committee (FOMC) meeting on September 21, bringing the Federal Funds Rate to 3.25%. The post Fed announces 75 bps rate hike; Bitcoin tanks 6.5% on the news appeared first on CryptoSlate.

Timeline of Bitcoin

A veteran trader known for calling the last big Bitcoin (BTC) collapse this year is predicting an imminent relief rally in anticipation of the Federal Open Market Committee (FOMC) meeting Wednesday morning.

The world's largest producer of application-specific integrated circuit (ASIC) bitcoin miners, Bitmain Technologies, has revealed the company is offering a discount on Antminer S19 Pro mining rigs. The 100 terahash per second (TH/s) machine is selling for $19 per terahash or $1,900 per unit.

Despite the overall bearishness of the crypto market, there are many analysts out there that seem to believe bitcoin still has what it takes to hit a $100,000 price. Bitcoin Is Stronger Than It Looks Right Now The state of bitcoin is rather poor as of late.

Bitcoin and other cryptocurrencies in the market have had an interesting week-and-a-half. From the CPI report to the completion of the Ethereum Merge, it has been a rollercoaster of volatile activity across the market.

One of Bitcoin's most vocal advocates, Max Keiser, has once again criticized ethereum in the wake of the much-anticipated upgrade to the world's second-largest crypto by market value.

The Bitcoin price has been moving sideways over the past few days bound solely to macroeconomic factors. The benchmark cryptocurrency was rejected north of $20,000 after “The Merge” and seems poised to face volatility over today's trading session.

The third quarter (Q3) of 2022 has been one filled with intense scrutiny of crypto assets with Bitcoin [BTC] at the heart of it. The king of crypto asset, recently, witnessed a dip in its tractions due to developments on major blockchains such as Ethereum [ETH] and Cardano [ADA].

BTC/USD Searches for Direction:  Sally Ho's Technical Analysis – 22 September 2022   Bitcoin (BTC/USD) remained on the defensive early in the Asian session as the pair continued to orbit the psychologically-important 20000 figure following elevated volatility over the past several trading sessions.  Traders recently knocked BTC/USD as low as the 18255 level, its weakest print since June, after Stops were elected below the 18603 area during the depreciation.

With Bitcoin (BTC) down 72% from its all-time high, the global cryptocurrency market seemed to be a shambles throughout the third quarter; however, long-term indicators pointed towards a maturing market. The post What Bitcoin Losing Its Inflation Hedge Narrative Means for the Crypto Market appeared first on BeInCrypto.

Even as the cryptocurrency market continues to trade at a fraction of last year's all time high, interest in sustained. Institutional investors continue to closely look at the crypto industry, with an eye out for regulation friendly investing choices.