US Fed hikes interest rates, Bitcoin plunges below $36K, and Argentina’s central bank says no to financial institutions offering crypto: Hodler’s Digest, May 1-7 By Cointelegraph

US Fed hikes interest rates, Bitcoin plunges below $36K, and Argentina’s central bank says no to financial institutions offering crypto: Hodler’s Digest, May 1-7

Fed hikes interest rates by 50 basis points in effort to combat inflation

On Wednesday, the United States Federal Open Market Committee (FOMC) voted to raise interest rates by 0.5%, marking its biggest upward adjustment in over two decades. It was the second rate increase of 2022, with seven increases expected in total for the year.

In a press conference following the FOMC meeting, Federal Reserve Chair Jerome Powell further cemented the need to continue raising interest rates to combat inflation.

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