On Wednesday, the US Federal Reserve once again increased key interest rates by 75 basis points. The impact of this increase on the markets was identical to what was anticipated, as the US stock markets fell after the decision. However, the crypto market did not respond as negatively. Bitcoin's value has decreased by 0.73 percent in the past 24 hours, with its price now hovering around $18,700 (approximately Rs. 15.06 lakh) across global exchanges, while Indian exchanges such as CoinDCX value BTC at $20,213 (approximately Rs. 16.28 lakh), which is 1.57 percent less than Wednesday morning.
On worldwide exchanges such as CoinMarketCap, Coinbase, and Binance, the price of Bitcoin is $18,693 (about Rs. 15.05 lakh), while CoinGecko statistics indicates that BTC's value has decreased by 8 percent since Thursday.
Ether has also experienced a sharp decrease following a brief increase on Monday and Tuesday. Ether is currently trading in a range between $1,260 (about Rs. 1.02 lakh) and $1,280 (approximately Rs. 1.02 lakh) on worldwide markets, a decrease of almost 4 percent over the past 24 hours. ETH is currently valued at $1,376 (about Rs. 1.1 lakh) on Indian markets, a decrease of 4.78 percent from the previous day.
Expanding Offerings by Adding Circle's USDC Stablecoin Gadgets 360's cryptocurrency price tracker showed that the majority of prominent altcoins had a similar decline over the previous day. In addition, the capitalization of the global crypto market declined by 2.01% between late Wednesday and early Thursday.
In the past twenty-four hours, Cosmos, Solana, Polygon, TRON, Monero, Chainlink, and BNB have saw significant losses. Cardano, Avalanche, and Uniswap, on the other side, were able to achieve modest increases despite the pessimistic atmosphere.
Memecoins Shiba Inu and Dogecoin both experienced slight fluctuations. Dogecoin is presently worth $0.05 (about Rs. 4.653), a loss of 2.73 percent for the previous 24 hours, while Shiba Inu is worth $0.00000010 (approximately Rs. 0.000846), a loss of 1.03 percent over the past day.
Expanding Offerings, Robinhood Lists First Stablecoin in Circle's USDC.
"The Federal Reserve continued its rapid quantitative tightening strategy on September 21, hiking interest rates by another 75 basis points 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," according to CoinDCX's research team.
"As the FED aims for a funds rate in excess of 4 percent by the end of the year, the pressure remains for another significant hike in the coming months, especially against the backdrop of robust payroll data and rising service inflation in an overheated labor market, with another 75bps or even 100bps likely in the near future. With today's 75bps increase, US interest rates reached 3.25 percent, their highest level since 2008, a reflection of the times and the hawkishness that is currently influencing market sentiment."
