{"id":159644,"date":"2022-07-02T17:05:12","date_gmt":"2022-07-02T17:05:12","guid":{"rendered":"https:\/\/precoinnews.com\/?p=159644"},"modified":"2022-07-02T17:05:12","modified_gmt":"2022-07-02T17:05:12","slug":"bitcoin-maintains-30k-despite-ecb-rate-hikes","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-maintains-30k-despite-ecb-rate-hikes\/","title":{"rendered":"Bitcoin Maintains $30K Despite ECB Rate Hikes"},"content":{"rendered":"

Bitcoin has been holding steady as of late. While it may be a little too early to determine if the world\u2019s number one digital currency by market is making its way out of the doldrums and potentially recovering, things are at least staying where they are, meaning dips are (thankfully) taking a break.<\/p>\n

Bitcoin Is Staying Still<\/h2>\n

But there is other good news in the sense that the European Central Bank (ECB) is hiking rates for the first time in roughly ten years. The move is coming right as the Federal Reserve is hiking rates, and yet bitcoin is still managing to maintain its ground. Perhaps the asset is beginning to show signs of maturity.<\/p>\n

With two of the world\u2019s largest financial entities choosing to boost rates, it\u2019s a surprise to see that bitcoin is keeping its stance. In the past, when the Fed allowed rates to move up, bitcoin experienced major dips that ultimately contributed to what we\u2019re seeing at the time of writing \u2013 most of 2021\u2019s gains being wiped from the slate.<\/p>\n

However, this time appears to be somewhat different. The ECB has commented that the rate hikes are coming due to rising inflation throughout the continent. The organization doesn\u2019t quite know how to combat the problem, so said hikes are first on its list of potential solutions.<\/p>\n

Marcus Sotiriou \u2013 analyst at the U.K.-based digital currency broker Global Block \u2013 explained in an interview:<\/p>\n

\n

The globalization of markets means that this would affect all economies, so equities and crypto could suffer as a result in the short term.<\/p>\n<\/blockquote>\n

Alex Kuptsikevich \u2013 senior market analyst at FX Pro \u2013 also threw his two cents into the mix, claiming that it\u2019s still possible bitcoin could be on the verge of dipping even further. He said that traders shouldn\u2019t be breaking out the champagne just yet. They need to give the asset due time to react to the news before they really start celebrating the currency\u2019s newfound stability. He said:<\/p>\n

\n

We still believe that the bear market for bitcoin and the entire cryptocurrency market has yet to play its final act, and that should be expected before the end of the year.<\/p>\n<\/blockquote>\n

Prices Keep Going Up<\/h2>\n

With the COVID pandemic now over or very close to being over, many governments around the world are seeking ways to make up for all the spending that occurred during the time of global lockdowns. Much of this spending contributed to the inflation we are seeing today, and everyday citizens are now having to deal with higher prices on food, gas, and other necessities.<\/p>\n

Bitcoin was initially trading for about $68,000 per unit at the end of 2021, though now, the asset has lost close to $40,000 from that price and is trading for just over $30,000 per unit \u2013 small beans compared to where it was in November.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has been holding steady as of<\/p>\n","protected":false},"author":3,"featured_media":159643,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nBitcoin Maintains $30K Despite ECB Rate Hikes - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/bitcoin-maintains-30k-despite-ecb-rate-hikes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Maintains $30K Despite ECB Rate Hikes - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Bitcoin has been holding steady as of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/bitcoin-maintains-30k-despite-ecb-rate-hikes\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-02T17:05:12+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2022\/07\/Bitcoin-Maintains-30K-Despite-ECB-Rate-Hikes-.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-maintains-30k-despite-ecb-rate-hikes\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-maintains-30k-despite-ecb-rate-hikes\/\",\"name\":\"Bitcoin Maintains $30K Despite ECB Rate Hikes - 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