Breaking: Bitcoin Plunges as Fed Announces Another Big Interest Rate Hike

.federalreserve didn't surprise the market with a 100-basis-point hike

, rate expectations jumped significantly due to recent inflation data. The prices of major cryptocurrencies slumped significantly lower after Nomura Securities predicted that the Fed would opt for a 100-basis-point rate hike.

The Fed has been aggressively lifting interest rates for several months, putting plenty of pressure on risk assets.Bitcoin continues to trade under the $20,000 after bulls lost stream last week. The cryptocurrency remains down roughly 72% from its all-time high., Galaxy Digital boss Mike Novogratz recently predicted that Bitcoin would win in the long run if the Federal Reserve were to go back to monetary easing.

The Fed’s hawkishness is believed to be the key reason why Bitcoin and other risk assets are severely underperforming this year together with other risk assets.

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