Bitcoin holds steady as European Central Bank implements 75 bps rate hike

Crypto market leader Bitcoin continued trading flat after the European Central Bank (ECB) announced a 75 basis point hike on Thursday.

At the end of August, Eurozone consumer inflation hit 9.1%, the highest level ever, and the ninth consecutive month of consumer price increases.

With that, analysts expected the ECB to implement “jumbo rate hikes” to tackle surging living costs.

In the run-up to the announcement, economists were expecting a 50 basis point hike. However, several Wall Street Banks predicted the ECB to hit hard with a 75 basis point increase. Hit hard they did while also signaling further hikes ahead.

Markets appeared unruffled as Bitcoin saw a 1% swing to the downside on the 13:00 UTC hourly candle. Meanwhile, European indices witnessed slight sell-offs, with the FTSE bucking the trend with a 2-point gain, suggesting a “jumbo hike” was already priced in by investors.

Analyst at CryptoSlate

Samuel is a strong believer in individual autonomy and personal freedom. He is a relative newcomer to the world of cryptocurrency, having first bought Bitcoin in early 2017, but keen to make up for the lost time.