ether‘s profits were higher than Bitcoin‘s, though the two coins were largely flat Thursday night, with the global cryptocurrency market cap up 0.7% to $983.3 billion as of 8:20 p.m. EDT.

See also: Best Crypto Debit Cards

Why it matters: Major coins were broadly muted in line with other risk assets. Stock futures are trading flat at the time of writing.

On Thursday the European Central Bank increased interest rates as expected by 75 basis points and revised inflation forecasts to 8.1% on average in 2022.

Same day, USA federal reserve chair Jerome Powell warned against a premature easing of monetary policy Cato Institutea libertarian think tank, reported CNBC.

“I can assure you that my colleagues and I are strongly committed to this project and we will keep going until the job is done,” he said.

The next Fed monetary policy meeting is scheduled for September 20-21.

“Bitcoin is giving back some of yesterday’s gains as risky assets declined after a double dose of hawkishness from Fed Chair Powell and ECB President Lagarde,” OANDA’s senior market analyst said Edward Moyain a note Benzinga saw.

“Bitcoin is attempting to stabilize above $19,000, but that will be difficult amid consistent messages about adopting interest rates above the final rate requested by major central banks.”

Michael van de Poppe tweeted Bitcoin “goes so far so good” but needs to continue above $19,500.

#Bitcoin runs so far so good but needs to continue above $19.5k.

Then,…