The Bank of England has followed in the footsteps of the <a href="https://www.cryptoknowmics.com/crypto/united-states-federal-reserve-pumps-98-million-into-economy/">Federal Reserve</a> and has slashed the rates in response to the growing corona fears in the country.

This is the biggest cut since 2009. Financial Times <a href="https://www.ft.com/content/986b533f-1d3e-3920-ae80-da8dcd8af7b7">reports</a> that the Bank of England attempt is to ease down the economic epidemic evidently encapsulating the country right now.

Financial Times reported a statement that read :
<blockquote>“The reduction in Bank Rate will help to support business and consumer confidence at a difficult time, to bolster the cash flows of businesses and households, and to reduce the cost, and to improve the availability, of finance.”</blockquote>
 The newly revised BoE base rates stand at 0.25%, after the reduction of 0.5%. The Federal reserve rates even after a double-cut are at 1.25%, and more cuts appear to be down the line.

The pound instantly burst into life, shedding 0.5% against the US dollar, and did recover some of the losses it suffered.
<h2>Bank of England Decision Ridiculed by BTC Community</h2>
<img class="alignnone wp-image-159930 size-full" src="https://www.cryptoknowmics.com/crypto/wp-content/uploads/2020/02/British-Union-Jack-flag-flying-in-front-of-the-Bank-of-England-in-the-City-of-London-financial-center-e1582552332191.jpg" alt="Bank of England" width="897" />

As Bitcoin failed to grasp, the crypto-freaks decided to come out in its defence by lashing out at the fiat economy and policies, stating that this tool of stimulating spending and borrowing by lowering the rates, goes on to show what a travesty the current financial system is.

Truth be told, while the blame game is alright, but Bitcoin’s inability to pounce on this situation did raise a few eyebrows. The Corona crisis was deemed by many as a blessing in disguise for Bitcoin. However, it could not capitalize. Creator of the Bollinger bands <a href="https://www.cryptoknowmics.com/tag/technical-analysis">trading indicator</a> on Tuesday revealed that the losses were out of the blue. He stated that bitcoin fell victim to corona when he expected it play the role of a safe-haven asset. He further emphasized on his safe haven point and added that safe haven is all down to perception and not something set in stone. Its a philosophical matter and if the community thinks its a safe haven, then it is one.

You May Also Read.
<ul>
 	<li><a href="https://www.cryptoknowmics.com/crypto/federal-reserve-rate-cuts-can-defeat-post-halving-btc-inflation/">Federal Reserve Rate Cuts Can Defeat Post-Halving BTC Inflation</a></li>
 	<li><a href="https://www.cryptoknowmics.com/crypto/coinbase-announces-work-from-home-due-to-coronavirus-epidemic/">Coinbase Announces Work From Home Due To Coronavirus Epidemic</a></li>
 	<li><a href="https://www.cryptoknowmics.com/crypto/global-economies-cripple-as-coronavirus-catastrophe-looms-large/">Global Economies Cripple, as Coronavirus Catastrophe Looms Large</a></li>
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Bank of England Copies Fed Reserve Move to Combat Corona

Bank of England has pulled off a similar stun to the Federal Reserve of US, by cutting down tax rates drastically to tackle the coronavirus.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

Bank of England Copies Fed Reserve Move to Combat Corona

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