Bitcoin, Dogecoin Plunge, Ethereum Worst Hit After Fed Rate Hike — But, Is There A Silver Lining?

Major coins fell sharply on Wednesday evening as the global cryptocurrency market cap decreased 2.7% to $896.8 billion at 8:30 p.m. EDT. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin (CRYPTO: BTC) -2.5% -8.9% $18,444.58 Ethereum (CRYPTO: ETH) -6.4% -24.6% $1,242.58 Dogecoin (CRYPTO: DOGE) -2.8% -6.6% $0.06 Top 24-Hour Gainers (Data via CoinMarketCap) Cryptocurrency 24-Hour % Change (+/-) Price Celsius (CEL) +7% $1.55 Compound (COMP) +3.1% $56.3 XDC Network (XDC) +1.1% ​​$0.03 See Also: How To Get Free NFTs Why It Matters: Ethereum tumbled and Bitcoin fell sharply after the U.S. Federal Reserve issued the third consecutive 75 basis point interest rate increase on Wednesday.

Timeline of Bitcoin, Dogecoin, Ethereum

Ethereum has been in the heat of discussion on social media following the release of the Merge last week. However, everything has not gone according to plan as ETH prices have dropped below $1,350.

The bitcoin mining industry has now grown to the point where it is being measured up against other similar industries that have been around for longer. However, the operations of the bitcoin mining firms to these established commodity-based firms are very different.

Bloomberg commodity strategist Mike McGlone has reiterated he believes that the price of the flagship cryptocurrency Bitcoin ($BTC) will hit the $100,000 mark. Per the analyst, it's a “matter of time” until the cryptocurrency reaches six figures.

The host of the Coin Bureau YouTube channel is warning that interest rate hikes will negatively impact crypto assets. The Coin Bureau host tells his 80,300 YouTube subscribers that Bitcoin (BTC) could drop by over 35% from the current level as interest rates rise.

In this episode of NewsBTC's daily technical analysis videos, we look at the volatility in Bitcoin price action following the FOMC meeting today where the Federal Reserve announced a 75 bps rate increase. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): September 21, 2022 Bitcoin price action has been ultra volatile before and after the United States Federal Reserve announced its decision to increase rates by 75 basis points.

Troubled crypto lender Voyager Digital is going to receive hundreds of millions of dollars worth of crypto assets from Alameda Research. According to a recent court filing, FTX CEO Sam Bankman-Fried's crypto trading firm will give back a loan worth nearly $200 million to Voyager, a crypto brokerage that filed bankruptcy earlier in the year.

Crypto prices were highly volatile, in line with equities, following the Fed's decision to hike interest rates by 75 basis points. The post Bitcoin price, equity markets gyrate after U.S. Fed's interest rate decision appeared first on The Block.

Data shows the Ethereum Proof-of-Work forks have sharply fallen down in the few days following the merge. Ethereum PoW Forks Have Fallen 66% In Just Five Days According to the latest weekly report from Arcane Research, the ETH PoW forks have performed very poorly against ETH since the merge.

Data shows the Bitcoin mining profitability has dropped down to just 2020 levels, here are some reasons behind this trend. Bitcoin Daily Miner Revenues Declined Almost 10% In Last Week Alone As per the latest weekly report from Arcane Research, BTC miners are now making just $17.9 million per day, the lowest since November 2020.

Bitcoin [BTC] traders have found themselves in a nail-biting situation this week following its downside in the last seven days. The bearish performance sent BTC crashing and at press time, the crypto king stood in a critical zone on a short-term support.