Bitcoin BTC/USD and Ethereum ETH/USD are trading lower by 3.96% to $18,630 and 3.29% to $1,283 Friday afternoon. Cryptocurrencies at large are falling in sympathy with U.S. markets asinvestors react to the Fed's Wednesday decision to hike rates by 75 bps.

Ongoing expectations of further Fed actions to curb inflation are continuing toweigh on riskier assets as well as speculative inflationary hedge assets.

What Happened?

TheFederal Reserveraised its target fed funds rate by 0.75% on Wednesday to a new range of between 3% and 3.25%, its third 0.75% rate hike in four months. The Fed said it will continue with its previously announced plan to let Treasury securities and agency debt and agencymortgage-backed securities roll off its balance sheet on a monthly basis.

Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures, the Fed said in a statement…Read More

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