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

Quick Take

• The Fed’s 25bps 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.

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