Market Wrap: Bitcoin Rally Fades After Fed Signals Upcoming Rate Hike

Market Wrap: Bitcoin Rally Fades After Fed Signals Upcoming Rate Hike
Bitcoin experienced sharp price swings on Wednesday along with most traditional assets. The spotlight was on the U.S. Federal Reserve, which stated at the conclusion of its two-day meeting that it will “soon be appropriate to raise the target range for the federal funds rate.”The latest Fed decision comes as the central bank has been winding down its asset-purchasing program. Monetary stimulus has been an important source of market support, which underpinned the rise in both equities and cryptocurrencies over the past year.BTC reversed earlier gains shortly after the Fed announcement on Wednesday. Analysts remain skeptical, noting the recent bounce…