ECB Repeats Interest Rate Hike, Bitcoin Price Relief
Also Read: Crypto Crash: XRP, Ethereum Leads Sell Off As Crypto Market Bleeds advertisement 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.” Recommended Articles ...