Bitcoin Remains Steady as Fed Announces Biggest Rate Hike in 22 Years

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Alex Dovbnya

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Bitcoin has seen a mild price increase following the announcing

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The U.S. Federal Reserve has raised interest rates by a half-percentage point for the first time since May 2000.

Bitcoin, the largest cryptocurrency, is up about 1% on the news, currently trading at $39,141 on the Bitstamp exchange. The cryptocurrency has bounced together with stocks.  

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The central bank’s aggressive monetary policy is aimed at combating out-of-control inflation, which recently reached the highest level in four decades.

As reported by U.Today, the Fed hiked the benchmark short-term interest rate by 25 basis points in March, but consumer prices persistently kept creeping up.    

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