major cryptocurrencies traded mixed wednesday evening in response to the us central bank’s decision to raise the interest rate by 25 basis points bps what happened despite the rate hike investors remain hopeful that the federal reserve will eventually cease its series of interest rate increases fueling anticipation among market participants following the rate hike fed chair jerome powell once again expressed the bank’s willingness to consider increasing interest rates bitcoin is considerably lower than its peak earlier this month at 31800 on monday btc briefly fell below the 29000 mark currently the global crypto market capitalization stands at 118 trillion a 093 increase in the last day the us stock market experienced a decline on wednesday following a federal reserve rate hike and major corporate earnings the sp 500 ended at 456675 showing a 002 decline while the nasdaq composite dropped 012 to close at 1412728 during its meeting the federal reserve raised rates to their highest level in more than 22 years by implementing a quarterpoint hike however treasury yields decreased after powell suggested the possibility of the central bank pausing again i would say its certainly possible that we will raise funds again at the september meeting if the data warranted and i would also say its possible that we would choose to hold steady and were going to be making careful assessments as i said meeting by meeting said powell at a press conference following the decision the next rate decision by the fed will occur on september 20 see more best crypto day trading strategies analyst notes bitcoin caught a modest bid after the fed decision triggered a modest riskon rally the fed is most likely done raising rates and that should provide some relief to the interest rate sensitive sectors in the cryptoverse wrote oanda senior market analyst edward moya crypto analyst michael van de poppe expects that there will be no more rate hikes in the near future however he is concerned about the fed’s projection that there will not be a recession as it is highly likely that one will occur furthermore van de poppe anticipates a poor gdp report tomorrow which could potentially cause a dip in the price of bitcoin before it resumes its upward trend crypto analyst benjamin cowen is alerting traders to a potential risk with bitcoin highlighting historical patterns that suggest the king crypto may be prone to corrections posthalving according to the analyst btc often surpasses its bull market support band in the first half of prehalving years only to swiftly drop below it in the third quarter to support his argument cowen points to notable instances of btc following this trend in 2011 2015 and 2019 it’s just that normally in the prehalving years we will see bitcoin do well for a good portion of it but then sometime around the third quarter we see it fail to hold the bull market support band he added read next jim cramer advises against using binance provokes strong reactions from twitter users