The Bank of England recently decided to raise interest rates by 50 basis points, as an attempt to fight high inflation.
The price of BTC is still squeezed with fluctuations between trading levels of $18K to $19K. This brings an indication that the market is still cautious and many tend to prefer to invest in safe havens following the relatively high rate increase by The Fed which is 75 basis points.
Inflation rates in many countries have soared in recent months, the UK being no exception. The inflation rate was seen approaching 10% for August, a level not seen in decades.
The BoE has raised interest rates to fight inflation. A lower rate hike by the BoE compared to the Fed, makes investors still have a tendency to also invest in risky markets as well. However, the BOE's action has no impact on major cryptocurrencies, just a slight catalyst. Where the price of BTC has risen slightly to the level of $19.2K.
On the other hand, the cryptocurrency Algo showed an unexpected performance when it showed a bullish trend based on the chart for several days. Algo price has risen 20% to trade at $0.3735. The price has crossed the $0.369 resistance level.
