Bitcoin Failed at $21K as ECB Raises Interest Rates by 75 Basis Points (Market Watch)
The ECB’s decision to raise the interest rates to the highest levels since 2009 harmed the cryptocurrency market.
Bitcoin was stopped after touching $21,000 after the European Central Bank said it will raise the key interest rates once more.
The altcoins are back in the red as well, with the most notable losses coming from the likes of Cardano, Shiba Inu, and Uniswap.
BTC Rejected at $21K
The past several days went quite well for the primary cryptocurrency. The asset spiked to $19,600 on Monday but was stopped before ever getting the chance to go up to $20,000. It returned to familiar ground at around $19,000 and stood there for the next 24 hours.
The landscape started to change at that point when the asset skyrocketed by over $1,000 and found itself trading above $20,000 for the first time in weeks. After a brief retracement, it went on the offensive once more and jumped to $21,000 on Wednesday.
Yesterday was a bit calmer as BTC failed to breach $21,000. However, it started losing value rapidly once the ECB said it will raise the interest rates by another 75 basis points, reaching the highest levels since the 2008-2009 financial crisis.