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 <h2 id="strong-ecb-decides-on-hike-rates-strong"><strong>ECB Decides On Hike Rates</strong></h2> 
 <p>Given that economic data suggest that the main interest rate is faltering and that loan demand has fallen to a historic low,&nbsp; people expected that the ECB will most likely raise its primary interest rate (the deposit rate) to 3.75%.</p>  
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 <p><span style="font-weight: 400;">The rapid increase in rates may have a negative impact on the expansion of loans in the euro region and, consequently, on economic activity. In a quarterly poll released on Tuesday, the ECB noted that “Firms’ net demand for loans fell strongly in the second quarter of 2023, dropping to an all-time low since the survey’s inception in 2003.”</span></p> 
 <p><span style="font-weight: 400;">Due to the euro zone’s less developed and liquid capital markets than those of the United States, banks dominate how the economy is financed. According to ECB Chief Economist </span><b>Philip Lane</b><span style="font-weight: 400;">, the tighter monetary policy is having a quick impact, especially on bank loans.</span></p> 
 <p>Also Read: Hong Kong Central Bank Collaborates With Saudi Arabia After UAE Crypto Push</p>  
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 <h2 id="strong-is-bitcoin-helping-strong"><strong>Is Bitcoin Helping?</strong></h2>  
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 <p><span style="font-weight: 400;">Headline <a rel="noopener noreferrer nofollow" title="Inflation" href="https://thebittimes.com/tag/inflation.html">Inflation</a> reached its lowest level to 5.5%, since the beginning of last year. However, core consumer prices—which exclude volatile items like food and energy—rose 5.5% from a year earlier, CNBC </span><span style="font-weight: 400;">noted</span><span style="font-weight: 400;">. In comparison, a 5.4% preliminary estimate and a measurement of 5.3% from May were recorded.</span></p> 
 <p><span style="font-weight: 400;">The ECB must walk a tight line if it is to persuade the markets that it will maintain rates at high levels for an extended period despite a dramatic slowdown in the economy. “The tone will remain hawkish, though. <a rel="noopener noreferrer nofollow" title="Inflation" href="https://thebittimes.com/tag/inflation.html">Inflation</a> is still high and the ECB cannot be sure that rates are peaking yet,” Deutsche Bank’s</span><b> Mark Wall</b><span style="font-weight: 400;"> concluded.&nbsp;</span></p> 
 <p><span style="font-weight: 400;">And due to growing rates, people there are turning towards Bitcoin and other crypto for rescue. The Markets in Crypto Assets (MiCA) regulation’s establishment has given the <a rel="noopener noreferrer nofollow" title="Europe" href="https://thebittimes.com/tag/europe.html">Europe</a>an crypto industry a feeling of cohesion and direction. MiCA offers widespread concord where previously there had been regulatory uncertainty around crypto assets, forcing businesses and investors to contend with various regulatory regimes on a country-by-country basis.</span></p> 
 <p>Also Read: Ripple Partner Launches Internal Invoicing Solution, Can XRP Reach $1?</p> 
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Breaking: European Central Bank (ECB) Hike Rates By 25 Bps, Bitcoin Consolidates

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