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To fight galloping inflation early in 2022, the U.S. Federal Reserve started what’s now develop into an historic run of financial tightening, elevating its benchmark fed funds fee goal greater than 500 foundation factors over the previous 17 months. The newest fee hike was on the Fed’s final coverage assembly in June. The surge in rates of interest performed at the least an element in bitcoin’s tumble from greater than $69,000 in late 2021 to simply above $16,000 on the finish of 2022 and its so-far meek bounce this 12 months to simply above $29,000.
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