Bitcoin traded nearly flat and Ethereum was in the red on Wednesday evening after the U.S. Federal Reserve signaled more rate hikes for 2023. The global cryptocurrency market cap fell 0.3% to $867 billion at 8:05 p.m. EST.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | 0.4% | 5.6% | $17,832.16 |
| Ethereum (CRYPTO: ETH) | -0.75% | 6% | $1,309.34 |
| Dogecoin (CRYPTO: DOGE) | -3.15% | -7.8% | $0.09 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| THORChain (RUNE) | +2.7% | $1.46 |
| Solana (SOL) | +2.4% | $14.19 |
| TRON (TRX) | +1.8% | ​​$0.0.56 |
See Also: Is Binance Better Than Coinbase?
Why It Matters: The Federal Reserve raised its target fed funds rate by 0.5% on Wednesday to between 4.25% and 4.5%, which was in line with Wall Street’s expectations.
The Federal Open Market Committee members do not see a pivot from rate hikes to cuts until 2024, according to a prior report.
“We may have to raise rates higher to get where we want to go,” said Fed Chair Jerome Powell on Wednesday.
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