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Bitcoin Holds Steady Despite US Federal Reserve's Interest Rate Hike

Following the United States Federal Reserve's decision to raise interest rates to a 22-year high, Bitcoin experienced a minimal 0.1% 24-hour increase and was trading at $29,304. Ethereum, the second largest cryptocurrency, remained stable and was priced at $1,859. The Federal Reserve raised its benchmark interest rate by a quarter of a percentage point and emphasized the importance of continuing the fight against inflation until it drops to 2%.

Cryptocurrencies were previously closely linked to U.S. equities, but last month the correlation hit a three-year low. Despite Bitcoin's significant increase from the beginning of the year, it is still down from its November 2021 all-time high of $69,044.

Bitcoin Bitcoin $98,043.96
+3.77%
Bitcoin Ethereum Inflation
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