Cryptocurrency: Bitcoin Up 11% In 1 Month, But Loses Traction Today, Impact Of Fed Interest Rate

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oi-Kuntala Sarkar
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Updated: Thursday, July 21, 2022, 23:57 [IST]

The cryptocurrency market has been marginally bearish again today. On July 21, till 6.09 pm UTC, Bitcoin was quoted at US$ 22,970.50 falling by 1.10% in the intra day trading. However, the asset was rising till yesterday, in July. In the last one moth, Bitcoin has gained some momentum and surged by 10.99%. It has also gained by 8.41% in the last 5 days. Yesterday, Bitcoin closed at US$ 23,226.90. The US Fed is expected to raise its interest rate by around 75bps soon, as analysts expect, to control the mounting inflation rate. This is impacting the global crypto market now.

However, other cryptocurrencies are mostly showing a positive trend. Ether was quoted at US$ 1,542.30, gaining by 1.33%. Yesterday, Ether closed at US$ 1,522.12. Litecoin was quoted at US$ 57.98, gaining by 1.33%, however, Dogecoin was quoted at US$ 0.0692 falling by 1.42%, and Cardano was quoted at US$ 0.4910 gaining by 0.071% today, till last traded.

“The European Central Bank (ECB) will raise policy rates by 25bp on 21 July and effectively commit to a hike of at least 50 bps in September, we expect, sticking to plans agreed at the June meeting,” according to strategists at BNP Paribas, as reported by CoinDesk. This is also impacting the crypto market. The anticipation of a rate hike by the ECB is also impacting the assets, along with the US Fed rate hike thoughts. The government bonds are going to be more profitable further, and volatile assets will be under pressure.

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