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

Markets • December 14, 2022, 2:36PM EST
The Block

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. 

RELATED INDICES

See crypto indices

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.


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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.

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