• The FOMC has increased its rates to the highest level since 2001.
• BTC price slightly increased as its social dominance spiked to the FOMC report.

Amidst a whirlwind of speculations, the long-awaited FOMC report has finally been released. Leading up to its release, this report has been the talk of the town in the crypto space, with everyone eagerly awaiting its impact on Bitcoin’s social dominance. But the question remains: how did the latest FOMC report affect BTC? 

Read Bitcoin (BTC) Price Prediction 2023-24

FOMC report shows hike resumption

In an eagerly awaited decision, the Federal Open Market Committee (FOMC) of the U.S. Federal Reserve wrapped up its two-day policy meeting on 26 July. After a brief pause, the committee resumed rate hikes. It pushed the benchmark fed funds rate by 25 basis points, setting the targeted range at 5.25%–5.50%. This marked the most significant rate increase since 2001, sparking a flurry of social reactions, according to Santiment data.

Interestingly, this surge in social interactions hinted at an initial positive response from the crypto market, with Bitcoin also reaping some benefits from the situation. As the dust settled, the rate hike’s impact on the cryptocurrency landscape became evident, leaving enthusiasts and investors eager to see how this unfolding event would shape the future of digital assets.

Bitcoin’s social dominance rises

In the w

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Author: Adewale Olarinde

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