Crypto markets pared gains alongside traditional counterparts as the Federal Reserve increased interest rates by 50 basis points.
Bitcoin dropped 2%, trading at $17,926 at 2:20 p.m. EST following the announcement, according to TradingView data.
The central bank’s median projection for the Fed funds rate in 2023 rose to 5.1% from 4.6% in September.
U.S. stock indices fell following the Fed’s latest decision. The S&P 500 was down 0.4%, while the Nasdaq 100 dipped 0.7%.
Crypto-related stocks remained elevated, with Coinbase holding onto gains. © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.