Bitcoin Fluctuates Near Three-Month Low After Fed Rate Increase
Cryptocurrency investors waited with bated breath for a Federal Reserve policy decision.
(Bloomberg) -- Cryptocurrencies were mostly little changed after Federal Reserve officials raised interest rates by 75 basis points for the third consecutive meeting.
Bitcoin, the largest token by market value, traded at about $19,000 as of 2:09 p.m. in New York on Wednesday, while other major coins like Ether, Solana and Avalanche were also little changed.
The MVIS CryptoCompare Digital Assets 100 Index is down this week, taking its losses for 2022 to about 60% compared with 21% for global stocks. The correlation between equities and Bitcoin is elevated and close to a record, a sign of how assets are being tossed around by common macro factors.
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