Bitcoin BTC/USD, Ethereum ETH/USD and Litecoin LTC/USD are trading higher by 3.82% to $19,538.30, and 3.06% to $1,363.08 and 4.91% to $54.91, respectively, in sympathy with the U.S. markets as investors react to the Fed’s decision to hike rates by 75 bps.
The Federal Reserve raised its target fed funds rate by 0.75% on Wednesday to a new range of between 3% and 3.25%, its third 0.75% rate hike in four months. The Fed said it will continue with its previously announced plan to let Treasury securities and agency debt and agency mortgage-backed securities roll off its balance sheet on a monthly basis.
“Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures,” the Fed said in a statement…Read More
See Also: Federal Reserve Issues Third Straight 0.75% Interest Rate Hike: What It Means For The Struggling Stock Market