Yesterday the U.S. Federal Reserve raised the benchmark interest rate by 0.5%, which represents the biggest hike in two decades. Jerome Powell, the chair of the Fed, said that an additional hike of 0.5% should be on the table in the next couple of meetings, noting that inflation in the country is much too high and the central bank is moving expeditiously to bring it back down.

The Federal Open Market Committee (FOMC) announced that its 12 members decided to raise the target range for the federal funds rate to 3/4 to 1%, mentioning that the situation in Ukraine and lockdowns in China due to Covid-19 have made implications for the U.S. economy highly uncertain.

Following the rate hike, the crypto economy grew today, with Bitcoin and Ethereum up 1.43% and 2.46% against the U.S. dollar at the time of writing this article.