With the latest announcement of an interest rate hike of 50 basis-points from the U.S. Federal Reserve, the crypto market crashed, washing off all the gains it made prior to the announcement. The Fed stated that it is likely fair to raise rates again at the current rate of increase. After increasing rates by 75 bps for several months due to inflation worries, today’s announcement came as a slowdown to rate hikes.
Bitcoin (BTC) Price Slumps
The crypto market along with the stock market crashed significantly after the Federal Reserve announcement. At the time of writing, the price of Bitcoin and Ethereum fell by over 2.7% in the past thirty minutes and currently trade at $17,790 and $1305 respectively.
Additionally, the Bitcoin Fear and Greed Index has fallen to levels of “fear” and is expected to increase further to “extreme fear” in the coming days.
Fear Engulfs Crypto
There is also a growing fear among the crypto community on the back of the market dip, as the BTC price ra
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