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| Bitcoin and Ethereum Drop Following Federal Reserve Interest Rate Hike |
Bitcoin and Ethereum fell on Thursday following the latest Federal Reserve interest rate hike. Bitcoin dropped below $28,000 while Ethereum moved below $1,800. The Federal Reserve raised rates by 25 basis points as many had anticipated, with one more hike expected later this year. The news caused BTC/USD to fall to an intraday low of $26,760.00, while ETH/USD declined to a low of $1,717.77 earlier in the day.
Despite the recent price drops, Bitcoin had traded at a peak of $28,803.34 just a day before, and Ethereum had reached a high of $1,821.46 on Wednesday. Ethereum is currently tracking at $1,756.34, with price strength at 58.02, slightly above the floor at 57.00. Ethereum has neared a recent point of support at the $1,715 mark, but bulls have so far rejected a breakout.
The news of the Federal Reserve rate hike resulted in market reactions, with Bitcoin and Ethereum among the assets affected. While Bitcoin and Ethereum have faced some price drops in recent days, both cryptocurrencies have seen significant gains over the past year. Many investors remain optimistic about the long-term potential of these digital assets, despite short-term fluctuations in price.
