came perilously close to dropping below the $20,000 level before seeing a mild relief rally. Some are predicting that this will be the first bear market when the cryptocurrency drops below the peak recorded during the previous bull cycle.
As reported by The Wall Street Journal, the U.S. Federal Reserve is now ready to implement a 75 basis hike this Wednesday. This would be the biggest rate increase since 1994 as the central bank is becoming increasingly hawkish to battle out-of-control inflation. While Bitcoin has mostly thrived in a low-interest-rate environment throughout most of its existence, there are growing fears of the Fed completely crushing the cryptocurrency ecosystem by putting an end to the era of"free money." Rates are now expected to hit 4% by mid-2023. The last time they were this high in 2007, Bitcoin was yet to be launched.
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