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Bitcoin has fallen more than 10 per cent since the Fed's December 18 announcement. Aurelie Barthere, chief research analyst at Nansen, told The Block: "I would have expected the pullback to happen later, probably in January. The Fed's hardline stance and political uncertainty around US fiscal priorities, including ongoing government shutdown negotiations, may have contributed to the sell-off." Barthere forecasts a price range of 90% for Bitcoin.
In the year since the Federal Reserve raised interest rates to more than two-decade highs, it has succeeded in cooling an overheating US economy. But higher borrowing costs have also had some unintended effects. High-income households are benefiting from rising stock markets and home prices. Businesses are borrowing fast and consumers are continuing to spend. But in other ways, a year of high interest rates is finally starting to take its toll. Americans are looking for jobs for longer...
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