major coins traded in the red on wednesday evening as the federal open market committee fomc delivered on its widely expected announcement to raise interest rates by a quarter point what happened apex cryptocurrency bitcoin btcusd is currently trading below 28000 ethereum ethusd was down 331 to change hands below 1800 dogecoin dogeusd was trading at 0073 down 263 in the last 24 hours at the time of writing the global crypto market capitalization stood at 114 trillion a decrease of 269 over the last day us stocks tumbled on wednesday as the federal reserve continued hiking rates the sp 500 and techheavy nasdaq all closed down 16 see more best crypto day trading strategies news highlights the federal reserves decision to increase its key interest rate highlights their concern that inflation remains problematic according to fed chair jerome powell the fomc is strongly committed to returning inflation to our 2 objective however the fomc also acknowledged this months banking nearmeltdown noting that recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity hiring and inflation twitter chief elon musk criticized the rate hike by the federal reserve warning that it could cause a major influx of depositors to leave their banks  creating a headache for both policymakers and the banking industry in the midst of the ongoing economic crisis a major driver of depositor flight is people moving money from lowinterest savings accounts to highinterest money market treasury bill accounts this foolish rate hike will worsen depositor flight musk tweeted analyst notes “risk aversion was able to drag down bitcoin as market jitters returned on banking worries and over a quickly weakening economy the fed might be done tightening but the risk of something else breaking in the financial sector remains elevated” said edward moya a senior market analyst at oanda a crackdown on crypto influencers was widely expected and appears to finally be here while the violations against lindsay lohan soulja boy and jake paul won’t draw serious attention the alleged fraud and unregistered securities by tron found justin sun is newsworthy market manipulation is one part of the crypto world that still has yet to be cleaned up or even close to fully being addressed” moya added crypto analyst michaël van de poppe said powell will likely remain on the hawkish side which suggests that bitcoin is likely to top out and enter a period of consolidation before any further continuation the analyst said he is interested in the 25000 levels according to pseudonymous analyst kaleo the move from 30000 to 40000 in bitcoin could happen much faster than most people expect “plenty of people who want to be bulls but are waiting for a dip will be left watching from the sidelines” read next web3 token surpasses bitcoin ethereum in weekly gains with 33 surge on microsoft tieup