Bitcoin Falls to $18,600 After US Federal Reserve Announces Another Interest Rate Hike

The US Federal Reserve once again raised the key interest rates on Wednesday by 75 basis points. The impact of this hike was no different than what was expected out of the markets, as the US stock markets dipped into the red after the decision. The crypto market, however, did not react as terribly. As things stand, the value of Bitcoin sees a dip of 0.73 percent in the last 24 hours with its price now around the $18,700 (roughly Rs. 15.06 lakh) mark across global exchanges while Indian exchanges like CoinDCX value BTC at $20,213 (roughly Rs. 16.28 lakh), 1.57 percent lower than that on Wednesday morning.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $18,693 (roughly Rs. 15.05 lakh) while CoinGecko data shows that BTC’s value now sits 8 percent lower than where it stood last Thursday.

Ether has also seen a steep decline after a bit of a surge on Monday, and Tuesday. Ether is currently down by more than 4 percent over the past 24 hours, trading in the $1,260 (roughly Rs. 1.02 lakh) range across global exchanges. Meanwhile, on Indian exchanges, ETH is valued at $1,376 (roughly Rs. 1.1 lakh) where values are down by 4.78 percent over the past day.

Gadgets 360’s cryptocurrency price tracker reveals that most major altcoins had a similar slide over the past day. The global crypto market capitalisation also witnessed a drop of 2.01 percent through late Wednesday and early Thursday.

Cosmos, Solana, Polygon, TRON, Monero, Chainlink, and BNB all saw heavy losses over the last 24 hours. Cardano, Avalanche, and Uniswap, on the other hand, managed minor gains despite the air of bearishness.

Memecoins Shiba Inu and Dogecoin saw minor slip-ups too. Dogecoin is currently valued at $0.05 (roughly Rs. 4.653) after losing 2.73 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000010 (roughly Rs. 0.000846), down 1.03 percent over the past day.

“The Federal Reserve continued its rapid quantitative tightening strategy on September 21, hiking interest rates by another 75 bps for the third consecutive time, strengthening their stance to rein in inflation to meet their eventual 2 percent CPI target from the current excess of 8 percent,” the research team at CoinDCX tells Gadgets 360.

“The pressure is still on for another significant hike the next few months as the FED targets a funds rate in excess of 4 percent by the end of the year, especially on the backdrop of brimming payroll data and increased service inflation in an overheated labour market with expectations of another 75bps next month or even a 100bps likely in the near future. With today’s 75bps hike, US interest rates reached 3.25 percent, the highest it has ever been since 2008, a testament to the times and the hawkishness currently driving market sentiment.”

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Related Posts

3 Body Problem Netflix Release Set for 2023. Here’s a Behind-the-Scenes Peek From Tudum 2022

3 Body Problem is coming to Netflix in 2023. At its online-only event Tudum 2022, the world’s biggest subscription-based video streaming service revealed that its live-action adaptation…

The Witcher: Blood Origin Sets December 25 Release Date at Netflix Tudum 2022

The Witcher: Blood Origin just got a release date. At its online-only event Tudum 2022, Netflix revealed that the much-anticipated The Witcher prequel series will drop on…

The Witcher Season 3 Netflix Release Set for Summer 2023, Teaser Art Revealed — Tudum 2022

The Witcher season 3 is slated to release in the summer of 2023. At its online-only event Tudum 2022, Netflix dropped a teaser art for the Henry…

Enola Holmes 2 Trailer: Millie Bobby Brown Heads Her First Official Case at Tudum 2022

Enola Holmes 2 trailer is here. On Saturday, at its online-only event Tudum 2022, Netflix unveiled the first trailer for the Millie Bobby Brown-led mystery sequel, ahead of…

Heart of Stone Trailer: Alia Bhatt, Gal Gadot Tease Their Netflix Action Thriller at Tudum 2022

Heart of Stone first look is here. At its online-only event Tudum 2022, Netflix unveiled the first teaser trailer for the Gal Gadot-led action spy thriller movie,…

The Crown Season 5 Release Date Set for November 9 on Netflix — Tudum 2022

The Crown season 5 now has a release date: November 9. At its online-only event Tudum 2022, Netflix announced that the fifth season of its period drama…