Insights

As Fed hikes rates to highest since 2008, Bitcoin and gold shine amid banking crisis

exchange68September 13, 2024

0 0 1 minute read

Quick Take

The Fed’s 25-basis-point hike was expected, with a hawkish tone: “Some additional policy firming may be warranted.”
That takes the fed funds rate to 5.00-5.25% — the highest level since the GFC 2008.
After Powell spoke, regional banks continued their spectacular collapse, and PacWest more than halved in extended trading when news came out about strategic options, including a sale.
During this current banking crisis, Bitcoin reclaimed $29,000 — while Gold printed a new all-time high.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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.