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Bitcoin reaches US$40,000 as the Federal Reserve announces the largest rate hike in 22 years

The total cryptocurrency market value increased by over 5.4 percent, touching $40k price target after the US Federal Reserve announced a 50-basis-point rate hike, the largest since 2000.

Following a 25 basis point hike in March — the first rate hike since December 2018 — the increase established a target range of 0.75 percent to 1 percent.

With a CPI of 8.5 percent, March saw the fastest growing inflation rate in the United States.

“Inflation is much too high, and we understand the hardship it is causing.”
” We are moving expeditiously to bring it back down,” said Fed Chair Jerome Powell.

With 38.1 percent, Zilliqa (ZIL) led the rapid surge in the cryptocurrency market, with all top 100 cryptocurrencies by market cap ending the day in the green.

At press time, Bitcoin was worth US$39,670 and Ethereum was at US$2,945.

The Dow Jones Industrial Average finished 2.81 percent higher, the S&P 500 finished 2.99 percent higher. Then, and the Nasdaq Composite finished 3.19 percent higher.

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