The bitcoin (BTC) and broader crypto market failed to recover higher and returned to the selloff on Thursday, after a brief rally following the US Federal Reserve’s (Fed) announcement on Wednesday that it had raised rates by 75 basis points, its largest rate hike since 1994.
At 14:48 UTC, bitcoin stood at USD 21,000, down over 1% for the past 24 hours and 31% for the past 7 days. At the same time, ethereum (ETH) was almost unchanged in a day and down 39% for the week to USD 1,105.
BTC past 14 days:
The losses on Thursday came after a brief relief rally in both BTC and ETH Wednesday, as market participants digested a largely expected 75-point rate hike from the Fed.
From a low of USD 20,111 on Wednesday morning UTC time, BTC rose more than 12% to reach close to USD 23,000 before once again giving back most of the gains. A similar story also played out in the ETH market, with the token climbing from a low of USD 1,014 in the morning to more than USD 1,250 shortly after Fed Chair...
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