Bitcoin and Ether Fall as Fed Raises Rates 0.75 Points

03 Nov 2022

Bitcoin and Ether fell in Thursday morning trading in Asia along with all other top 10 cryptocurrencies by market capitalization, excluding stablecoins, as the U.S. Federal Reserve announced a fourth consecutive rate hike of 75 basis points on Wednesday, Forkast reports.

Leading memecoins Dogecoin and Shiba Inu token saw the heaviest losses after several days of significant gains following Elon Musk’s purchase of social media platform Twitter Inc.

Bitcoin fell 1.5% to US$20,147 in the 24 hours to 8 a.m. in Hong Kong, while Ether fell 3.8% to US$1,517, according to data from CoinMarketCap. Solana saw significant losses, falling 4.8% to US$30.71, while Cardano dropped 4% to US$0.38.

Shiba Inu token fell 7.8% to US$0.00001176, though was still trading up 8.8% over the past seven days, while Dogecoin fell 9.4% to US$0.12, though it was still up over 70% in the past week. Since purchasing Twitter, Elon Musk has tweeted pictures of shiba inu dogs — the breed of dog the Doge meme is based on — and has floated the idea of integrating Dogecoin as a payment method on the platform.