The price of Bitcoin dropped sharply following the Federal Reserve’s announcement that it would hike interest rates by 75 basis points to combat sky-high inflation.
The biggest cryptocurrency by market cap dropped below $19,000 following the announcement before rebounding amid widespread market volatility. It’s now trading at roughly $19,039, down around 1% over the last hour. Bitcoin is also down approximately 5.7% in the past seven days.
Market analysts had expected the Fed to raise interest rates yet again today, this time by between 75 and 100 basis points. Bitcoin, other cryptocurrencies, and stocks appear to have mostly priced-in these expectations this week, though that didn't stop skittish traders from selling lower today. Stocks likewise dipped following the news, with the Dow Jones and the S&P 500 both dropping by roughly 0.70% at time of writing.
Central banks—not just the Federal Reserve—have been raising interest rates to control soaring prices. The Fed has been...
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