Bitcoin, crypto prices fall on Fed's latest decision, US stock indices drop

Quick Take

  • Bitcoin and ether dipped following today’s Fed rate hike announcement.
  • The central bank increased rates by 50 basis points, and forecast a median peak level of 5.1% in 2023. 

Crypto markets pared gains alongside traditional counterparts as the Federal Reserve increased interest rates by 50 basis points. 

Bitcoin dropped 2%, trading at $17,926 at 2:20 p.m. EST following the announcement, according to TradingView data. 

The central bank's median projection for the Fed funds rate in 2023 rose to 5.1% from 4.6% in September. 


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

U.S. stock indices fell following the Fed's latest decision. The S&P 500 was down 0.4%, while the Nasdaq 100 dipped 0.7%. 

Crypto-related stocks remained elevated, with Coinbase holding onto gains.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Adam Morgan is a reporter covering cryptocurrency, financial markets, and economics – anything from price movements, earnings reports, and inflation to the U.S. Federal Reserve interest rate decisions and everything in between. Adam is based in London.


To contact the editors of this story:
Christiana Loureiro at
[email protected]
Larry DiTore at
[email protected]