{"id":26261,"date":"2022-08-17T21:07:45","date_gmt":"2022-08-17T21:07:45","guid":{"rendered":"http:\/\/egrowonline.com\/?p=26261"},"modified":"2022-08-17T21:07:45","modified_gmt":"2022-08-17T21:07:45","slug":"bitcoin-crypto-markets-dip-on-release-of-fed-minutes","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=26261","title":{"rendered":"Bitcoin, Crypto Markets Dip on Release of Fed Minutes"},"content":{"rendered":"


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Crypto markets dipped today after the Federal Reserve <\/span>released<\/span><\/a> minutes from its July meeting in which the agency said it would continue to hike interest rates in order to tame inflation.\u00a0<\/span><\/p>\n

Bitcoin\u2019s price dropped 0.9% in the hour following the Fed\u2019s announcement, and was down 2.4% for the day. Ethereum was down by 0.9% and down 2% for the day.<\/span><\/p>\n

The world\u2019s biggest cryptocurrency by market cap was at the time of writing trading for $23,303.53. Ethereum, the second largest digital asset, was priced at $1,844.10, CoinGecko data showed.<\/span><\/p>\n

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The stock market also <\/span>dipped<\/span><\/a> on the news: the Dow Jones dropped 0.1%; the S&P 500 by 0.2%; and the Nasdaq, 0.6%.\u00a0<\/span><\/p>\n

The minutes from the U.S. central banking authority’s July 26-27 meeting reveal that inflation was still too high, despite the labor market being strong and unemployment very low\u2014and there was no evidence it would subside just yet.\u00a0<\/span><\/p>\n

\u201cParticipants observed that inflation remained unacceptably high and was well above the Committee\u2019s long-run goal of 2 percent,\u201d the minutes said.<\/span><\/p>\n

It added that it would need to slow the pace of rate increases \u201cat some point\u201d but that would depend on future data.\u00a0<\/span><\/p>\n

Inflation in the U.S. is currently at a four-decade high. Most countries around the world are also suffering from rising prices.<\/span><\/p>\n

Bitcoin, Ethereum and virtually every other coin and token in the crypto market have been largely correlated with U.S. equities this year.\u00a0<\/span><\/p>\n

Investors holding cryptocurrencies have mostly sold them with \u201crisky\u201d assets, like tech stocks, instead preferring to hold onto U.S. dollars. T<\/span>his has helped cause the dollar\u2014the world\u2019s largest reserve currency\u2014to climb relentlessly. <\/span><\/p>\n

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Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/p>\n<\/div>\n<\/div>\n


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Crypto markets dipped today after the Federal Reserve released minutes from its July meeting in which the agency said it would continue to hike interest rates in order to tame inflation.\u00a0 Bitcoin\u2019s price dropped 0.9% in the hour following the Fed\u2019s announcement, and was down 2.4% for the day. Ethereum was down by 0.9% and […]<\/p>\n","protected":false},"author":1,"featured_media":26262,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[50,62,707,1858,89,299,311],"class_list":["post-26261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-crypto","tag-dip","tag-fed","tag-markets","tag-minutes","tag-release"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/08\/bitcoin-dollar-federal-reserve-gID_5.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/26261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26261"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/26261\/revisions"}],"predecessor-version":[{"id":26263,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/26261\/revisions\/26263"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/26262"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26261"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}