Crypto Market Reacts to First Rate Hike in Three Years

The US Federal Reserve announced a rate hike for the first time in three years, increasing its benchmark interest rate by 25 basis points to between 3.75%-4%. The move has had a mixed impact on the cryptocurrency market, with some assets showing resilience and others declining.

Bitcoin, the largest cryptocurrency, gained nearly 0.29% over the last hour but declined 2.22% over the past seven days. Ethereum, on the other hand, rose by 1.15% in the last 24 hours but decreased by -1.46% over the week.

The Solana and Hyperliquid cryptocurrencies saw significant gains, with Solana rising by 2.60% and Hyperliquid increasing by 2.58%. However, Monero fell by 1.57% over the last day and declined by around 3.11% in the past seven days.