Bitcoin Pares Gains as Fed Announces Another Big Rate Hike
The Fed has indicated that it remains to determined to hiking interest rates next year, pushing crypto and stocks down
The U.S. Federal Reserve has hiked the benchmark interest rate by 50 basis points, which is in line with analysts’ expectations.
The central bank signaled that it would keep lifting interest rates in 2023 in order to bring down inflation.
The price of Bitcoin has dropped by more than 3% on the news. Earlier today, the largest cryptocurrency surged to $18,373, the highest level since Nov. 9 on the Bitstamp exchange.
All three major stock market indices also turned negative, with the S&P 500 dipping by 0.5%.
As reported by U.Today, risk assets rallied earlier this week due to cooler-than-expected consumer price index (CPI) data.