The price of Bitcoin nosedived today—along with U.S. stocks—on news that the Federal Reserve approved a smaller interest-rate hike than previous ones this year, but signaled plans to keep raising rates next year to combat high inflation.

The Fed has this year upped interest rates 0.75 percentage points four times in order to get inflation—currently at a 40-year high in the U.S.—under control. This time the U.S. central bank upped rates by 0.50 percentage points.

(by Mat Di Salvo)