Bitcoin sustains $41,000 after expected Fed rate hike

After an initial dip, Bitcoin and Ethereum rebounded shortly after the Federal Reserve raised a key benchmark rate by a quarter-point as widely anticipated to help combat inflation.

Bitcoin is changing hands above $41,000, but still remains 8% below where it traded a month prior and is 41% off its all-time high of $69,000 per unit in November. Ethereum, the second-largest cryptocurrency by market value, is trading at $2,747. That’s still off by 12% from its level one month ago and 43% from its 2021 November peak.