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Why Bitcoin and Overall Cryptocurrency Market is Down Today ?

Author: Qadir AK Dec 15, 2022 8:06

Qadir AK

Author

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Following the Federal Open Market Committee (FOMC) meeting on Wednesday, the price of bitcoin and the rest of the cryptocurrency market experienced a downward trend. On December 14, the Federal Reserve (FED) announced that the federal funds rate would rise by 50 basis points (bps).

The announcement caused the prices to soar, and BTC increased by 3.39% to trade at $18,373. However, Bulls failed to sustain and the flagship currency tumbled down back to $17,822.