Crypto Market Plummets Amidst Economic Uncertainty

The Federal Reserve has decided to keep interest rates at about 5%, breaking its streak of 10 consecutive interest rate hikes. However, Federal Reserve Chairman Jerome Powell has left open the door to further hawkish rate increases, clarifying that he “shouldn’t call it a skip.” Despite the Fed’s decision to pull back on the most aggressive monetary policy strategy in the U.S. since the 1980s, stocks and crypto crumbled after the press conference. Meanwhile, bitcoin adoption continues to outpace inflation in countries like Turkey and Argentina.