The US Federal Reserve (Fed) increased interest rates by 75 basis points in July. This rate hike by the Fed, the pioneer of the world's central banks, which increased 75 basis points in June, was recorded as the highest rate hike since 1994.

According to the "Economic Projection Report" announced by the Fed, the GDP expectation for 2022 was reduced from 1.7 percent to 0.2 percent. Fed officials' GDP forecast for next year was revised to 1.2 percent from 1.7 percent, and their forecast for 2024 was revised to 1.7 percent from 1.9 percent. Fed officials set their 2025 and long-term GDP expectations at 1.8 percent. The US economy contracted by 0.6 percent in the second quarter of 2022, according to leading data. The final results on GDP will be announced on September 29. Every quarter, 17 Fed officials make forecasts for the next 3 years and long-term on unemployment, inflation, economic growth and interest rates in the US. How will the Bitcoin price be affected? After the Bitcoin announcement, which showed a surplus of $600 close to the Fed rate statement, the decline started. According to experts, bitcoin will continue to rise after this increase.