Bitcoin sinks 3.2% as Fed raises interest rates by 50 basis points

The Federal Reserve has raised interest rates 50 basis points (bps) after the December 14 Federal Open Market Committee (FOMC) meeting.As a result, the federal fund rate 4.25-4.5%.

Bitcoin immediately dropped 3.2%, bottoming out at $17,762 in the 5-minute candlestick at 19:00 (UTC).

The post first appeared on CryptoSlate stating that if the Federal Reserve hikes interest rates by 50 basis points, Bitcoin will drop 3.2%.