The European Central Bank (ECB) has followed the United States Federal Reserve's lead by raising three key interest rates by 25 basis points in an attempt to combat inflation. Despite inflation declining, the ECB has admitted that it is still expected to remain too high for too long. The rapid increase in rates could negatively affect the expansion of loans in the European region and economic activity. Investors are looking towards Bitcoin and other cryptocurrencies as a hedge against inflation, as Bitcoin has remained stable despite the growing rates.