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Bitcoin Volatility Kicks In as Fed Sharply Raises Inflation Expectations

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Wed, 16/06/2021 - 18:17
Bitcoin Volatility Kicks In as Fed Sharply Raises Inflation Expectations
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The U.S. Federal Reserve announced on Wednesday that it had kept its near-zero interest rates unchanged.   

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The Fed is also holding steady on its asset purchases of $120 billion per month.   

It has sharply raised its inflation estimate for the fourth quarter of 2021 to 3.4 percent, which is a whopping 1 percent spike compared to the previous forecast. Nevertheless, the central bank has reiterated that inflation is transitory.    

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Seven Fed officials see rates increasing in 2022 (as opposed to four in March). All officials see rates unchanged throughout 2021.

Bitcoin's price action has become topsy-turvy since the Fed decision. The largest cryptocurrency is currently trading at $38,770 on the Bitstamp exchange. 

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The Dow Jones Industrial Average is also down over 300 points at press time.       

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