Major coins fell sharply Wednesday night as the global cryptocurrency market cap declined 2.7% to $896.8 billion as of 8:30 p.m. EDT.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -2.5% | -8.9% | $18,444.58 |
| ether ETH/USD | -6.4% | -24.6% | $1,242.58 |
| Dogecoins DOGE/USD | -2.8% | -6.6% | $0.06 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Celsius (CEL) | +7% | $1.55 |
| connection (COMP) | +3.1% | $56.3 |
| XDC network (XDC) | +1.1% | $0.03 |
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Why it matters: Ethereum crashed and Bitcoin fell sharply after the US federal reserve issued the third in a row Rate hike of 75 basis points on Wednesday.
Risk assets fell significantly after the interest rate decision. The S&P 500 and Nasdaq ended Wednesday down 1.7% and 1.8%, respectively. At the time of writing, US stock futures are trading in the red.
The central bank reiterated its commitment to combat the rise in prices. It said: “Inflation remains high, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices and broader price pressures.”
Six of the 19 members of the Federal Committee of the Free Market (FOMC) projected interest rates will peak between 4.75% and 5% in 2023, while 12 expect them to rise 4.5% to 4.75% or higher in the coming year.
Senior Market Analyst at OANDA Edward Moya said the market said goodbye to a soft landing.
“The Fed delivered a third straight rate hike of 75 basis points and signaled that it expects the federal funds rate to rise to 4.6% this cycle. The updated staffing forecasts were a bit more restrictive than many had anticipated.”
However, noting Powell’s comments that the FOMC is split between hikes of 100 basis points and 125 basis points for the rest of the year, Moya said, “The tightening peak is near and that should be good news for risky assets.”
In response to the crest coin’s reaction, he said…
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