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Why Bitcoin, Ethereum Are Getting Hammered Friday

Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are trading lower by 3.96% to $18,630 and 3.29% to $1,283 Friday afternoon. Cryptocurrencies at large are falling in sympathy with U.S. markets as investors react to the Fed's Wednesday decision to hike rates by 75 bps.

Ongoing expectations of further Fed actions to curb inflation are continuing to weigh on riskier assets as well as speculative inflationary hedge assets.

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...

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

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