Fed indeed increased the Federal Funds Rate on Wednesday by 0.75% and the US interest rate is now at 2.50%, the highest figure in over a decade.

From my experience, I expected no one to know what the cryptocurrency would do due to the decision because it has always been like that for traditional assets. Interest rate decisions, whether hiked or cut might set assets in any direction as market sentiments might not always be the same.

Nonetheless, the high rate hike of 0.75% is due to high inflation plaguing the US and the world at large, and the long-term effect of this hike should cause declines in the crypto market as Bitcoin and others are no more viewed as safe-haven currencies.