Bitcoin fluctuates over $1500

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MUMBAI: Like the global stock markets, risky asset cryptocurrencies saw a lot of volatility after the interest rate hike by the American Federal Reserve. The major crypto Bitcoin saw a fluctuation of $1500 in the last twenty four hours. Prices of other cryptocurrencies also remained volatile.

After the Federal Reserve's announcement, the price of Bitcoin fell to a low of 18250 and a high of 19796. By late evening, the price was quoted at $19,105. There is a prevailing opinion in the market that it will take time for the players to digest the Federal Reserve's decision.

The price of other major crypto Ethereum was trading as low as $1231 and as high as $1381 by late evening at $1286.

The mood of the crypto market was initially depressed after Federal Reserve Chairman Jerry Powell signaled that interest rate hikes would continue sharply in the coming meetings. Overall market cap fell to $907 billion, but trading volume rose 33 percent to $90.85 billion.

Analysts believe that the Federal Reserve may raise interest rates to four percent by the end of the year. Currently, the interest rate in America has increased to 3.25 percent, which is the highest since 2008.

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