ECB Repeats Interest Rate Hike, Bitcoin Price Relief

Also Read: Crypto Crash: XRP, Ethereum Leads Sell Off As Crypto Market Bleeds

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The ECB reasoned the rate hike decision by citing the possibility of inflation remaining too high for a long time although it has been coming down. In reaction to the ECB rate hike, Bitcoin price rose on Thursday amid a 4.19% decrease over the last 24 hours. The European Central Bank took a similar decision during its May 2023 meeting, leading to an encouraging Crypto Market reaction.

ECB: Inflation Pressures Remain Strong

The ECB Governing Council forecasted a drop in inflation rate over the next two years. The ECB Council said in a statement:

“According to the June macroeconomic projections, Eurosystem staff expect headline inflation to average 5.4% in 2023, 3.0% in 2024 and 2.2% in 2025. Indicators of underlying price pressures remain strong, although some show tentative signs of softening.”

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Going forward, the ECB said will look to take a ‘sufficiently restrictive’ stance when it comes to achieve the target of bringing inflation down to the 2% target in medium term.

Also Read: Binance’s BNB Chain To Announce Layer 2 Blockchain Solution

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