Following the Federal Open Market Committee (FOMC) meeting on Wednesday, the price of bitcoin and the rest of the cryptocurrency market experienced a downward trend. On December 14, the Federal Reserve (FED) announced that the federal funds rate would rise by 50 basis points (bps).
The announcement caused the prices to soar, and BTC increased by 3.39% to trade at $18,373. However, Bulls failed to sustain and the flagship currency tumbled down back to $17,822.
Similar responses were seen in rest of the altcoins, which saw a rise in market capitalization to $848 billion before falling to its current level of $824 billion.