Bitcoin (BTC) charged above $22,000 on July 27 after the United States Federal Reserve enacted another major interest rate hike.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Fed: "Appropriate" to keep hiking after July
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reacting positively to confirmation that the Federal Open Markets Committee (FOMC) had unanimously voted to hike the Fed funds rate by 75 basis points.
"The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run," a press release stated.
"In support of these goals, the Committee decided to raise the target range for the federal funds rate to 2-1/4 to 2-1/2 percent and anticipates that ongoing increases in the target range will be appropriate."
Markets had already expected that 75 basis points would be the Fed's next move. Commentators, however, increasingly considered the implications of the central bank's balancing act between taming inflation and avoiding recession going forward.