{"id":38593,"date":"2022-10-27T15:24:19","date_gmt":"2022-10-27T19:24:19","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=38593"},"modified":"2022-11-02T18:05:33","modified_gmt":"2022-11-02T22:05:33","slug":"bitcoin-ethereum-prices-soar-amid-ecb-rate-hike","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-ethereum-prices-soar-amid-ecb-rate-hike\/","title":{"rendered":"Bitcoin, Ethereum Prices Soar Amid ECB Rate Hike"},"content":{"rendered":"\n

The European Central Bank<\/a> (ECB) increased interest rates by another 75 basis points. ECB anticipates raising interest rates even higher. <\/h4>\n\n\n\n
\"Bitcoin,
Bitcoin, Ethereum Prices Soar Amid ECB Rate Hike<\/figcaption><\/figure>\n\n\n\n

The U.S. Dollar Index (DXY) spiked higher, causing the crypto market's volatility to rise, before declining later. After the ECB raised interest rates, the prices of the two biggest cryptocurrencies, Bitcoin (BTC) and Ethereum<\/a> (ETH), both increased by over 1%.<\/p>\n\n\n\n

Macro Improved Amid ECB Rate Hike and US GDP Report<\/h2>\n\n\n\n

On October 27, the ECB's Governing Council increased the interest rate by an additional 75 basis points. The ECB is confident that the third consecutive rate increase of 75 basis points will prompt inflation to return to the medium-term inflation\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> objective of 2%. Additionally, starting on 23 November 2022, the council changed the interest rates that would apply to TLTRO III, or targeted longer-term refinancing operations. It will assist in providing banks with voluntarily early repayment dates.<\/p>\n\n\n\n

\n

\u201cThe interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will be increased to 2.00%, 2.25% and 1.50% respectively, with effect from 2 November 2022.\u201d<\/p>\n<\/blockquote>\n\n\n\n

The ECB raised interest rates despite concerns about a recession, which caused the U.S. Dollar Index (DXY) to decline. In contrast, the U.S. Q3 GDP came in higher than expected at 2.6%. After registering negative GDP <\/a>growth for the previous two quarters, this is the biggest GDP growth since Q4 of 2021. preventing the United States from formally entering a recession. <\/p>\n\n\n\n

Elon Musk previously stated that while the U.S. economy is actually doing strongly, Europe and China run the risk of experiencing a recession.<\/p>\n\n\n\n

Prices for bitcoin and ethereum are rising rapidly<\/h2>\n\n\n\n

As the macro situation improved, prices in the larger crypto market continued to rise. The price of Bitcoin (BTC) increased by more than 1% in one hour, and is currently trading at $20,708. <\/p>\n\n\n\n

The price of Ethereum (ETH) has increased by over 2% in the past hour and by 4% over the past 24 hours. ETH is currently worth $1,573.<\/p>\n","protected":false},"excerpt":{"rendered":"

The European Central Bank (ECB) increased interest rates by another 75 basis points. ECB anticipates raising interest rates even higher. The U.S. Dollar Index (DXY) spiked higher, causing the crypto market’s volatility to rise, before declining later. After the ECB raised interest rates, the prices of the two biggest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), […]<\/p>\n","protected":false},"author":43,"featured_media":38595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,81],"tags":[152,128],"class_list":["post-38593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-altcoin-news","tag-bitcoin","tag-ethereum"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/10\/20221027_195903_0000.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/38593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=38593"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/38593\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/38595"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=38593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=38593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=38593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}