Aiming to tame galloping inflation in 2022, the Federal Reserve early last year embarked on a string of rate hikes, taking its fed-funds rate from a range of 0% to 0.25% to the current 5.25%-5.50%. That historic pace of monetary tightening was at least in part responsible for the big decline in the price of bitcoin, which has dropped from nearly $69,000 late in 2021 to close out 2022 at around $16,000.
Source: https://www.coindesk.com/markets/2023/08/07/cpi-preview-bitcoin-unlikely-to-get-bullish-catalyst/?utm_medium=referral&utm_source=rss&utm_campaign=headlines