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<ul><li>The Crypto market dropped when U.S. Federal Reserve Bank of New York President John Williams declared 5-5.25% fair.</li><li>Due to falling inflation and rising employment, the Fed raised interest rates by 25 basis points to 4.5% to 4.75% last Thursday.</li></ul><h2 id="header-0">As U.S. Federal Reserve Bank of New York President John Williams deemed anticipated rates of 5-5.25% fair, the cryptocurrency market plummeted.</h2><p>As U.S. Federal Reserve Bank of New York President John Williams concurred that Fed officials&#39; projection rates in a range between 5 and 5.25% for the year 2023 is still acceptable, the overall cryptocurrency market gave up earlier gains.</p><p>Following John Williams&#39; remark, the price of <a href="https://www.coingabbar.com/en/crypto-currency/ethereum-eth-prices-usd" rel="noopener noreferrer nofollow">bitcoin </a>dropped by 1.7%, and it is now worth $22,855 (BTC).</p><h3 id="john-williams-president-of-the-us-fed-predicts-a-peak-rate-of-5-25">John Williams, president of the US Fed, predicts a peak rate of 5.25%.</h3><p>John Williams, president of the Federal Reserve Bank of New York, stated on February 8 that financial conditions appear to be approximately in line with the expected forecast for monetary policy. The goal of the US Federal Reserve is to raise inflation to 2%. I stated at a moderated discussion with the Wall Street Journal in New York that this still seemed to be a pretty plausible assessment of what we&#39;ll need to do this year in order to get supply and demand in balance and get inflation down.</p><p>By the end of 2023, U.S. Fed policymakers predicted a rate increase of up to 5.1%. He claims that most authorities&#39; predicted rates, which fall between 5% and 5.25%, are still &#34;a reasonable position.&#34;</p><p>Last Thursday, the U.S. Fed increased interest rates by 25 basis points to a range of 4.5% to 4.75% due to declining inflation and positive employment statistics. According to Williams, any rate increases would be based on newly released data. Additionally, the Fed&#39;s pivot has been out of focus because inflation still needs to fall.</p><h4>Lower Crypto Market Resonance</h4><p>From its day high of $23.3K to $22.7K, the price of bitcoin decreased by more than 2%. At this time, the cost is $22,830. The Fed is expected to continue rising interest rates this year, which causes the U.S. Dollar Index (DXY) to soar to 103.50.</p><p>Along with other altcoins including Shiba Inu, Cardano, Dogecoin, and Ethereum, the overall cryptocurrency market also experienced a 2% decline. The current price of <a href="https://www.coingabbar.com/en/crypto-currency/ethereum-eth-prices-usd" rel="noopener noreferrer nofollow">Ethereum </a>is $1,646, which is 3.2% less than its 24-hour high of $1,646.</p>

Williams Supports 5-5.25% Rate Hike, Crypto Market Falls

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