Fed Hikes Rates: What Will Happen to BTC?
• The U.S. Federal Reserve is looking into increasing interest rates, which could affect the prices of Bitcoin and other crypto assets.
• Treasury Secretary Janet Yellen is warning that the U.S. could run out of money soon if Congress does not raise or suspend the debt limit before June 1.
• Geoff Kendrick, head of foreign exchange research at Standard Chartered, believes Bitcoin could reach a new high of $100K per unit due to decreasing trust in cash as a reliable fiat currency.
The Fed Could Hike Rates Again
The U.S. Federal Reserve is considering raising interest rates, which could have an impact on the prices of Bitcoin and other digital assets like Ethereum and many others. Treasury Secretary Janet Yellen has warned that America may run out of money if Congress does not raise or suspend its debt limit before June 1st this year.
Bitcoin Price Predictions
Geoff Kendrick from Standard Chartered believes that Bitcoin could hit a new high of $100K per unit due to the lack of faith in traditional currencies worldwide. He recommends investing in both BTC and ETH for best results when it comes to protecting one’s wealth during times of economic uncertainty.
Debt Ceiling Issues
Yellen has warned Congress about the potential consequences if they do not increase or suspend the current debt ceiling by early June: “After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.“
Interest Rate Hikes
The Fed has stated that interest rates could reach 5.25 percent soon – their highest level since 2006 – which would make borrowing even more expensive for consumers and businesses alike. Antoni Trenchev from Nexo said: “Investors are focused on what the Fed does Wednesday [June 16]. If the Fed indicates it’s not done raising rates, all bets are off for crypto and other risky investments.“
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