ECB Hikes Rates – Bitcoin Consolidates
The European Central Bank (ECB) raised interest rates once more on Thursday, prompting people to seek refuge in Bitcoin and cryptocurrencies.
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Despite ongoing strong inflation, the European Central Bank (ECB) raised interest rates by 0.25% again on Thursday. Investors are now questioning whether this will be the final rate increase of the year. The ECB’s rate hikes have amounted to 400 basis points since July of the previous year, marking the fastest tightening cycle in the institution’s history.
ECB Raises Rates
With economic data showing a slowdown and low loan demand, it was expected that the ECB would raise its primary interest rate (the deposit rate) to 3.75%. Read More...