Bitcoin and the rest of the cryptocurrency market has held steady following the Federal Reserve’s announcement today that the central bank has hiked interest rates by 25 basis points.
The move, which aligned with market expectations, raises rates from 4.5% to 4.75%, the highest the federal funds rate has been in decades. The Fed began aggressively raising rates last year in an attempt to cool record-high inflation, which has negatively impacted the value of stocks, equities, and crypto assets.
Bitcoin, the biggest cryptocurrency by market cap, was at the time of writing trading for $23,029—a 0.3% increase in the past hour, according to CoinGecko. It’s now down 66.4% from its all-time high of $69,044.
Ethereum, the second biggest digital asset, was up the same amount, trading hands for $1,577. ETH is down 67.6% from its peak of $4,878.
Both assets are up in the past week—Bitcoin by nearly 2%; Ethereum by 1.3%.
CoinShares Head of Research James Butterfill told Decrypt that the Federal Reserve’s statement today added “nothing new to really move the markets.” Federal…