MARKET WRAP: The Federal Reserve's FOMC delivered another interest rate hike, as expected, with more to come. $BTC, $ETH and other major cryptos fell. GWilliamsJr_CMT and _jocelynyang_ report
Ten-year Treasury yield daily close: 3.51%Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index ; Ether is the CoinDesk Ether Price Index ; Gold is the COMEX spot price. Information about CoinDesk Indices can be found atBitcoin traded lower on Tuesday as investors reacted to a widely expected 75 basis point interest rate hike by the Federal Open Market Committee, the rate-setting section of the Federal Reserve.
The federal funds rate is projected to increase to 4.4% by year’s end and close to 4.6% by the end of 2023, indicating equally aggressive rate hikes through the remainder of this year. Estimates for higher, future interest rates and muted expectations for economic growth, are likely to present a hurdle for asset valuations. Thus, today’s report implies that bitcoin and other risk assets will continue to face challenges.Technically, BTC looks poised to trade flat, which has become an ongoing theme.
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