First Mover Americas: Bitcoin Unaffected by Bank of England's Super-Size Interest-Rate Hike

The latest price moves in crypto markets in context for Aug. 4, 2022.

There hasn’t been a lot of exciting news this week for bitcoin (BTC) – a possible explanation for its six-day losing streak through Wednesday. But it’s not falling out of bed, either. 

BTC appeared unaffected by the news that the Bank of England (BOE) raised key interest rates by half a percentage point on Thursday, amid concern U.K. inflation will be over 10% next year.

The bank raised its key rate to 1.75% from 1.25%, the largest single step in more than a quarter-century. The sterling dropped heavily against the dollar following the statement.

As compared to other alt-coins, Ether was trading 3% lower on the day. Tezos, Fantom, and Near Protocol tokens were exceptions, all of which had a 2% price increase over the previous day.

In other news, asset management giant BlackRock (BLK) has partnered with the publicly traded crypto exchange Coinbase (COIN) to make crypto directly available to institutional investors.

Mutual customers of Coinbase and BlackRock’s investment management platform, Aladdin, will have access to crypto trading, custody, prime brokerage and reporting capabilities.