Crypto Market Absorbs The Fed Rate Hike By 75 Bps, Bitcoin Revives To US$ 19,029.40

he Cryptocurrency absorbs the US Federal Reserve's interest rate hike by 75bps, as an expected move by the central bank. To restrict the inflation rate in the country, which came at 8.3% in August, the Fed is being hawkish. The Fed raised the interest rate by 75 bps for three straight seasons. Any further rate hike could have, however, driven the markets differently. Major cryptocurrencies reacted positively immediately after Fed Chair Jerome Powell's announcement.

Today, on September 21, at 6.14 pm UTC, Bitcoin gained by 0.64% intra day, and was quoted at US$ 18,864.90. Yesterday, Bitcoin closed at US$ 18,878. In the last 5 days, Bitcoin fell by 3.89%. In the past 1 month, it has dropped by 11.53%. Additionally, in the last 6 months, Bitcoin plunged by 53.61%.

Other large cryptocurrencies are also up today, reacted positively after the Fed's decision. Ethereum was quoted at US$ 1,336.73, up by 0.86%. Yesterday, Ethereum closed at US$ 1,325.37. Litecoin was quoted at US$ 53.62, up by 2.45%, Dogecoin was quoted at US$ 0.0581 down by 0.22%, and Cardano was quoted at US$ 0.4417 up 0.36% today, till last traded.

However, the US stock markets are also down today. S&P 500 was down by 0.91%, stood at 3,891.21, and Nasdaq Composite up by 1.07%, stood at 11,547.53, at the time of writing. On the other hand, the US Dollar index gained to 111.58, up by 1%, till last traded.