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This is how the crypto market, especially BTC and ETH, reacted amid latest Fed hike

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The Federal Reserve increased the interest rate by a further 0.75% and the crypto markets responded bizarrely. The U.S. interest rates are back to pre-pandemic levels as the battle against inflation rages on.

The crypto market has thus rallied in response to the rate hike as trader sentiment shocks market skeptics.Griffin Ardern, a trader at Blofin, is one who believed that the market is expected to tumble in light of the news.“Considering that the overall risk level of the crypto market has not returned to a reasonable level, it is very likely that the BTC price will drop by more than 10% after the Fed rate hike,” he said.However, the crypto market reacted in an opposing manner as BTC price briefly jumped upwards of $24k.

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