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Bitcoin Falls Slightly After Fed Rate Hike

Bitcoin’s (BTC) price dropped slightly to below $28,500 after the U.S. Federal Reserve did what was widely expected and raised interest rates by 25 basis points (bps). The increase sends the federal funds rate to a target range of between 5% and 5.25%. The largest cryptocurrency by market capitalization was recently trading at around $28,350, down about a percentage point over the past 24 hours, according to CoinDesk data. The Fed's decision on Wednesday marked the 10th rate hike in 14 months. The Fed's Federal Open Market Committee (FOMC) said that “tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring and inflation.”

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