Market leader Bitcoin (BTC) traded above $18,000 for the first time since the FTX crash, to the delight of users, but the joy was short-lived in the early hours of Wednesday.

Major digital currencies tumbled following the news of an increased interest rate approved by the Federal Reserve, wiping off little gains made in the past few days. BTC was already flying above $18k, trading at $18,310, lost 4.77% a few hours after the announcement and is currently exchanging hands at $17,404.

Ethereum (ETH) and Dogecoin (DOGE) followed the trend losing about 5.5% and 6.38%, respectively. This year has not been great for ETH as it keeps struggling despite all the prospects it held at the start of the year. The altcoin giant is valued at $1,270 just a few weeks before the year’s end, which has seen it lose over 50% of its value.