Why Bitcoin, Ethereum And Litecoin Are Shooting Higher

Bitcoin BTC/USD, Ethereum ETH/USD and Litecoin LTC/USD are trading higher by 3.82% to $19,538.30, and 3.06% to $1,363.08 and 4.91% to $54.91, respectively, in sympathy with the U.S. markets as investors react to the Fed's decision to hike rates by 75 bps.

What Happened?

The Federal Reserve raised its target fed funds rate by 0.75% on Wednesday to a new range of between 3% and 3.25%, its third 0.75% rate hike in four months. The Fed said it will continue with its previously announced plan to let Treasury securities and agency debt and agency mortgage-backed securities roll off its balance sheet on a monthly basis.

“Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures,” the Fed said in a statement...Read More

See Also: Federal Reserve Issues Third Straight 0.75% Interest Rate Hike: What It Means For The Struggling Stock Market