Bitcoin [BTC] loses grip on $28k as rate hike continues, undeterred

ambcrypto.com:

Bitcoin’s [BTC] price fell below the $28,000 threshold following the release of the U.S. Federal Open Market Committee (FOMC) decision on interest rates. The FOMC is the country’s Federal Reserve division responsible for evaluating price stability, economic conditions, and setting monetary policy. 

Read Bitcoin’s [BTC] Price Prediction 2023-2024

March 22’s outcome was, however, expected, as the Fed committee raised interest rates by 25 basis points (BPS). Before the decision, the committee chair Jerome Powell projected a possible 50 BPS, according to Bloomberg . 

However, this was before the crashes of SVB, Silvergate, and Credit Suisse. Nevertheless, the hawkish conditions did not stop Bitcoin from maintaining a bullish streak for a considerable number of days.

Regardless, the FOMC admitted that even though inflation has remained high, the recent bank collapses could lead to stiffer macroeconomic variables. Although the Fed mentioned that the banking system was safe and sound, Powell conceded that the committee was unsure about the extensive effect of the institutional failures.

Here are the highlights