Bitcoin Rallies to 14-Day High Amid Fed Rate Hike and Inflation Concerns

Crypto markets were volatile last week, with Bitcoin hitting a 14-day high despite a setback for clarity on the macroeconomic front. The US Federal Reserve and Bank of Japan raised interest rates, causing headwinds for risk assets. BTC saw swings in value, while Ethereum reached an eight-month high.

The week began with the release of the US CPI data, which confirmed persistent inflation. This set the stage for a likely rate hike by the Federal Reserve on September 16. The market had been expecting this move, and experts predicted it would impact crypto and other risk assets.