Crypto Flipsider News — Fed Hikes Interest Rates, Bitcoin Jumps to $41k, Crypto Legalized in Ukraine, MetaMask Cross 30M Users Prepares Token and DAO, Ripple Loses Top Developer, FTX to Spread Web3 in Africa

Read in the Digest;

Fed Hikes Interest Rates, Bitcoin Ignores Sentiments to Hold Above $40,000

President Zelenskyy Signs Into Law Bill Legalizing Crypto in Ukraine

MetaMask Surpasses 30 Million Users, Confirms Native Token and DAO

Ripple Loses its Director of Developer Relations, What You Should Know

FTX Is Collaborating With AZA Finance to Spread Crypto and Web3 to Africa

Fed Hikes Interest Rates, Bitcoin Ignores Sentiments to Hold Above $40,000

In a bid to curb the escalating inflation rates, the U.S. Federal Reserve raised its benchmark interest rate for the first time since December 2018.

Raising its interest rates by 0.25 percentage points, the Fed has outlined six more hikes in 2022. According to the Fed dot plot, the end of 2022, the Fed rates could go up as high as 2.8%.

As the U.S. central bank’s Federal Open Market Committee tightens its monetary policy, market analysts and investors have expressed their concerns that the move could further down the economy.

Despite the bearish sentiments over the market, Bitcoin has managed to jump by 6%, to hit $41.5k for the first time since March 10. Bitcoin now trades at $40,689, holding on to a 1.2% gain over the last 24 hours.

The 24 hours price chart of Bitcoin (BTC). Source: Tradingview

Bitcoin’s new high comes on the back of a three-day winning streak, which has seen the premiere cryptocurrency move from as low as $37,680 to as high as $41,544.

Flipsider:

- Speaking at the end of the latest two-day policy meeting, Fed Chair Jerome Powell said officials would not shy from raising rates more aggressively if they don’t see improvement.

Why You Should Care

By increasing its interest rates, the Fed aims to decrease the overall spending in order to stabilize prices and combat the rising inflation.

President Zelenskyy Signs Into Law Bill Legalizing Crypto in Ukraine

President Volodymyr Zelensky has signed into law a bill passed last month by Ukraine’s parliament to legalize cryptocurrencies. Confirming the development on Wednesday, Ukraine’s Ministry of Digital Transformation said in a