Bitcoin Soars Over 5% After Fed Rate Hike

Today (May 5) the Bitcoin price increased by 5.21% and moved at $39,711.0.

The Bitcoin price moved into positive territory this morning after Federal Reserve Chairman Jerome Powell dismissed the prospect of a sharp 0.75% rate hike.

At its meeting yesterday, the Federal Open Market Committee (FOMC) raised the short-term interest rate by 0.50% to between 0.75% and 1.00%, as expected. This was the largest interest rate increase in more than 20 years.

Fed Chairman Jerome Powell said after the meeting that the U.S. labor market is very tight and inflation is too high. The Fed will accelerate measures to curb inflation.

The Dow Jones closed higher Wednesday (May 4) after the Fed unanimously raised short-term interest rates by 0.50%.

The Dow Jones Industrial Average rose 932.27 points, or 2.81%, to close at 34,061.06.
The S&P 500 gained 2.99% at 4,300.17 points.
The Nasdaq rose 3.19% to close at 12,964.86.

The Spot Market is Open

Thursday, May 5, 2022

Crypto
Updated at
USD
Price

Change

%Change
12.40 BTC39,624.57+792.96+2.04
12.40 ETH2,932.53+87.68+3.08
12.40 LTC105.55+4.08+4.02
12.40 BNB401.92+12.76+3.28
12.40 XRP0.64+0.03+4.72
12.40 ADA0.87+0.04+4.59
12.40 DOT16.25+1.10+7.26
12.40 DOGE0.140.00+3.52
12.40 UNI7.84+0.78+11.05
12.40 LINK12.02+0.75+6.65

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