A 10-bank group raised rates in eight cases over six months, even as global tightening cooled after July and kept monetary conditions relevant to crypto markets.
Sweden’s central bank also raised its policy rate on Nov. 4, while the broader pace of tightening had begun to ease.
U.S. policy offered a counterpoint. Federal Reserve Gov. Christopher Waller said Nov. 10 that he leaned toward a 25-basis-point increase in December; a half-point move was one he might consider if core inflation stayed high.
On Nov. 10, market pricing put the chance of a quarter-point December increase at 96.3%, up from 76.3% earlier that day. The figure reflected expectations, not a Fed decision.
By February 2023, none of the 10 central banks had started cutting rates, while Bitcoin (BTC)’s rolling six-month return was positive after its November 2022 bear-market low. Its six-month gain topped 160% in March 2024 amid shifts in global tightening measures.
Early 2027 will provide another test of whether slower tightening persists and whether monetary conditions facing crypto have shifted.
