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After the Federal Reserve published the minutes of its July meeting, which stated that it would keep raising interest rates to control inflation, the cryptocurrency markets fell today.
Following the Fed's statement, the price of bitcoin fell by 0.9% in the hour and was down 2.4% overall. Ethereum had a 0.9% loss and a 2% daily loss.
By market capitalization, the largest cryptocurrency was currently selling for $23,303.53. The price of Ethereum, the second-largest digital asset, was $1,844.10, according to CoinGecko data.
The news also caused a decline in the stock market: the Dow Jones fell by 0.1%, the S&P 500 by 0.2%, and the Nasdaq by 0.6%.
Despite a healthy job market and deficient unemployment, the inflation rate was still too high, according to the minutes from the U.S. central banking authority’s meeting on July 26–27. There was no sign that it would soon go down.
According to the minutes, participants noted that inflation was still much higher than the Committee’s long-term target of 2%.
It also said that future data would determine when it would be necessary to “at some point” slow the rate of rate hikes.
Inflation in the United States is at a four-decade high right now. Price increases likewise impact the majority of nations worldwide.
This year, the correlation between U.S. equities and practically every coin and token in the cryptocurrency market has been solid.
Most cryptocurrency owners have traded their holdings for “risky” investments like tech stocks, choosing instead to cling on to their U.S. dollars. The largest reserve currency in the world, the dollar, has steadily risen as a result of this.