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

Source: BTCUSDT on TradingView.com

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.

Get an Edge on the Crypto Market 👇

Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.



Source