BTC outperformed NASDAQ after Fed raised rates | The Financial Express

BTC outperformed NASDAQ after Fed raised rates

Fed has taken a hawkish stance, fighting inflation aggressively and attempting to return inflation to 2%.

BTC outperformed NASDAQ after Fed raised rates
According to this, BTC is roughly in the same position as stable assets like gold, and is even outperforming "safer" assets like NASDAQ

Following the Fed’s latest 0.75% interest rate hike, the NASDAQ and gold prices have plummeted, as reported by Cryptoslate.

According to market data, the NASDAQ is down 4.97%, while Gold is down 0.68%, having reached year-to-date lows in the last 40 hours. During the same time period, BTC is up 0.55%. According to this, BTC is roughly in the same position as stable assets like gold, and is even outperforming “safer” assets like NASDAQ, Cryptoslate further informed.

Cryptoslate stated that so far, the Fed has taken a hawkish stance, fighting inflation aggressively and attempting to return inflation to 2%. In a press release, the Federal Reserve stated, “The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 3-3/4 to 4 percent.”

(With insights from Cryptoslate)

Also Read: Block-the-Talk; Neeraj Khandelwal of CoinDCX on why blockchain carries the potential to revolutionise financial services

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First published on: 06-11-2022 at 13:02 IST