On Wednesday, the US Federal Reserve (Fed) raised rates by 75 basis points, in line with most analysts’ forecasts. Cryptoassets mostly reacted by trading higher in the first hour after the news was announced. (This is a developing story and is being constantly updated.)
“[…] the Committee decided to raise the target range for the federal funds rate to 1‑1/2 to 1-3/4 percent and anticipates that ongoing increases in the target range will be appropriate,” the statement from the Fed said.
Bitcoin (BTC) reacted to the news by immediately trading lower in the market, before later reversing to the upside. 1 hour into the announcement, the number one cryptocurrency had risen 2% to USD 21,560. At the same time, ethereum (ETH) traded up by a much stronger 6% to USD 1,180. Stocks reacted in a similar way, with the broad S&P 500 index rising by 0.17% in the first hour following the announcement.
Today’s statement from the Fed also said that the central bank plans to continue reducing its...
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