Major coins were trading as globally in negative territory on Wednesday night cryptocurrency The market cap was down 1.8% to $999.6 billion as of 9:31 p.m. EDT.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -1.5% | -2.7% | $20,225.41 |
| ether ETH/USD | -3.4% | -2% | $1,534.63 |
| Dogecoins DOGE/USD | -8.1% | 80.5% | $0.13 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| working (AR) | 37.4% | $14.09 |
| Litecoin (LTC) | 15.3% | $63.65 |
| mine (MINA) | 15.3% | $0.78 |
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Why it matters: Bitcoin, etherand Dogecoins all traded lower after the Federal Reserve’s latest rate hike caused risk assets, including equities, to plummet.
The tech-heavy Nasdaq closed 3.4% lower on the day, while the S&P 500 ended Wednesday’s session down 2.5%. At the time of writing, US stock futures were flat.
On Wednesday, every 12 Federal Committee of the Free Market The members voted to increase the Fed funds target rate by 0.75% to a range between 3.75% and 4%. This was the fourth such rate hike in a row in the US Federal Reserve’s fight against inflation.
Edward Moyaa senior market analyst at OANDA, noted the dovish part of the Fed’s statement, in which the central bank said they take into account cumulative monetary tightening, the lags with which monetary policy affects economic activity and inflation, and economic and fiscal policies will financial developments.
“Bitcoin continues to trade above $20,000 as Fed confirmed what markets were hoping; A tightening downshift is imminent. The Fed’s initial response was fairly strong for most risky assets, but it didn’t last as the central bank will remain dependent on inflation data going into the next round,” Moya said in a note seen by Benzinga.
“Inflation has been high for 18 months and the Fed will continue to work to…
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