It's not just one government perse there are a lot of governments all around the world who are using the hike to make sure the economy is cooled down. There are certain countries where they are raising the interest rates to 1% or 0.5%. The fed is trying to do something to help but I don't think that is the right way to go since the inflation is already on the rise and is getting worse considering the problem in the supply of oil which is making the market worse as well. Interest rate hikes is not really an essential marker for the people who don't have that much bank balance.
but short term enough to make a fuss in the market. today alone bitcoin fell to 37k in just a short time, although it was able to come back eventually. but the impact of this is that the altcoin market is very bad. almost all altcoins crashed at that time. This means that rumors about an interest rate hike are still very worrying at this time. the stock market also experienced a decline, although not too big. so this is the most important moment because during the announcement of the rate hike the market will be very volatile.
I don't think that would effect it a lot since there were some news along march as well .