Bitcoin Trades Stable As Bank Of England Raises Rates Today

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The Bank of England has become the world’s first major central bank to raise interest rates since last year when the pandemic pushed all large economies to employ accommodative monetary policies.

Bitcoin is trading stable around $48,000 at press time, having scored a minor 1.80% correction so far on the day. Its resiliency comes despite a broader risk-off sentiment arising in global markets as rates increase.

The BoE surprised investors when it announced the interest rate hike on Thursday, claiming it saw warning signs in underlying inflation pressures, according to a Reuters report. The Monetary Policy Committee voted 8-1 to raise its rates from 0.1% to 0.25%, while it was expected to maintain them lower. Governor Andrew Bailey reportedly said the BoE felt “compelled” to prevent the recent price rise from becoming a longer-term issue.

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