The prices of crypto market leaders Bitcoin and Ethereum dipped on Wednesday following news that the United States Federal Reserve was hiking interest rates by another 75 basis points to stem the effects of inflation.
Back in June, when the Fed first raised interest rates by 75 basis points this year, many remarked that the hike was the steepest of its kind from the central bank since 1994.
In July, the Fed called another 0.75% hike. Bitcoin and Ethereum’s prices both actually jumped within an hour of the announcement. This isn’t typical market behavior, since interest rate hikes make it more expensive to borrow, which in turn means that investors are more likely to dump their riskier assets.
In any case, neither leading cryptocurrency held any ground this time around. Bitcoin fell .53% over the past seven days, according to CoinGecko, and currently trades for $19,086, while Ethereum sank 7.5% to $1,328.
Several other leading cryptocurrencies posted double-digit percentage losses...
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