Bitcoin, near $ 27,400 ── Decline due to 0.25% interest rate hike | coindesk JAPAN | Coindesk Japan

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Bitcoin: $27,294, -2.9%
Ethereum: $1,738, -3.2%
●Coin Desk Market Index (CMI): 1,178, -2.6%

● S&P500: 3,936.97, -1.6%
Gold: $1,972, +1.3%

Fed hikes rates by 0.25%

The U.S. Federal Reserve (Fed) chose a 0.25% rate hike, the option with the least resistance, on investor expectations that it would turn dovish in the wake of the banking crisis and a strong dollar. Canceled.

Bitcoin (BTC) climbed above $28,700 on the 22nd on hopes that the Fed would halt rate hikes, but has since fallen below $27,000, down 3.5% in 24 hours at the time of this writing,2 Around $7,400.

“Risk aversion drove bitcoin lower as bank fears and market volatility over a rapidly weakening economy returned.” “The Fed may have finished tightening monetary policy. The risk of breaking down remains high,” said Edward Moya, senior market analyst at Oanda.

Ethereum (ETH) also fell from highs above $1,800 to $1,737. It fell more than 3.3% in 24 hours.

Other major crypto-assets generally declined, with the exception of Layer 1 blockchain Aptos (APT), which rose more than 5%, and Litecoin (LTC), which rose more than 6%. The CoinDesk Market Index, which measures the performance of the entire cryptocurrency market, fell 2.7%.

In cryptocurrency news, the U.S. Securities and Exchange Commission (SEC) has warned cryptocurrency trading giant Coinbase of possible enforcement action for violating securities laws. It also shocked TRON founder Justin Sun by suing him for selling unregistered securities, airdropping, fraud and market manipulation.

Oanda’s Moya said the allegations against Sun were “newsworthy”.

“Market manipulation is an area of ​​crypto that has not yet been cleaned up or adequately addressed,” he wrote.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: CoinDesk
｜Original: First Mover Asia: Blockchain-Enabled SIM Card for Crypto Investors Fuels Conflux Growth; Bitcoin Holds Near $27.3K After Fed Decision