Bitcoin price falls on news that Federal Reserve has raised key interest rate by 75 BPS

The US Federal Reserve has raised the US federal funds rate to 1.5%-to-1.75%, representing an increase of 75 basis points.

The Fed said it also intends to continue reducing its balance sheet.

"In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals," the central bank said.

Such a move is intended to fight decades-high inflation. The Fed move represented the highest interest rate since the early 1990s.

The price of bitcoin fluctuated downward on the news, having traded above $21,000 just prior to the announcement. As of press time, bitcoin is trading hands at about $20,375 on Coinbase, per TradingView.