As the Fed increases interest rates by 50 basis points, Bitcoin drops below $ 18,000
> The U.S. Federal Reserve raised the federal funds rate by 50 basis points, increasing it to a range of 4.25% to 4.5%, the highest since 2007.
> The decision to raise interest rates was largely anticipated by traders who had already priced it in.
> Following the news, the price of Bitcoin fell below $ 18,000, a price the cryptocurrency reached for the first time since the collapse of FTX.
> Ether was still trading above $ 1,300, having risen above it after Tuesday’s inflation data.
> On the flip side, Altcoins posted a muted performance.
> Ripple’s XRP was up just 0.6% in the past day, while Cardano’s ADA rose just 0.2%
> Trading above $ 40, Coinbase’s stock increased by 4.3%. Tuesday saw a record low for COIN shares as investors continued to worry about the effects of FTX and the company’s declining sales.
> Shares of Silvergate made some of their losses from the previous week up. The crypto stock was trading above $ 19, up about 2%.
> Block shares were up 1.8 dollars at $ 72.3, while MicroStrategy increased by roughly 3% to $ 207.