Crypto markets pared gains alongside traditional counterparts as the Federal Reserve increased interest rates by 50 basis points.
Bitcoin dropped 2%, trading at $17,926 at 2:20 p.m. EST following the announcement, according to TradingView data.
BTCUSD chart by TradingView
The central bank’s median projection for the Fed funds rate in 2023 rose to 5.1% from 4.6% in September.
U.S. stock indices fell following the Fed’s latest decision. The S&P 500 was down 0.4%, while the Nasdaq 100 dipped 0.7%.
Crypto-related stocks remained elevated, with Coinbase holding onto gains.
Source: The Block
