The crypto market responded quickly — and predictably — to the latest Fed rate increase Wednesday afternoon. Both bitcoin and ethereum’s prices dipped immediately following the Fed’s announcement that it will increase interest rates by another 75 basis points. The crypto market was already in the midst of a rough week. On Monday, both tokens had fallen more than 10% over the last week. Crypto has been closely trailing macroeconomic events, and over the last year, the market has consistently reacted negatively to rate hikes. In a matter of minutes on Wednesday, bitcoin’s price dropped from roughly $19,500 to $18,900. ... (full story)