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Cryptocurrencies impacted by Fed’s rate hike decision

Yahoo Finance Video

Yahoo Finance's Ines Ferré discusses the moves in cryptocurrencies following the Fed's policy decision and press conference.

Video transcript

AKIKO FUJITA: Bitcoin and Ethereum both trading lower today. Bitcoin below that $19,000 handle, really moving in tandem with the broader equity space today, as investors continue to digest yesterday's Fed decision. Let's bring in Yahoo Finance's Ines Ferre, who's tracking the very latest for us. Ines.

INES FERRE: And Akiko, right after that Fed decision, that 75 basis point hike, we saw Bitcoin going from a 19,700 per token to 18,700 per token. So I have here a two-day chart because remember that Bitcoin trades on a 24-hour basis. Doesn't really have a close, so you can see some of the volatility over-- after that decision came out yesterday. Also, Ethereum, which has been on a downtrend. Also Ethereum having some volatility, seeing some volatility.

Look, the bottom line is this, is that the Fed hikes are having an impact on cryptocurrencies. And also, you've got this impacting liquidity. The US dollar, the higher US dollar is also having an impact on Bitcoin, on cryptocurrencies, on equities, on commodities. So this is all an impact on this whole space.

Now I do also want to add that we have been seeing changes, some C-suite changes to some crypto exchanges. You've got Kraken CEO, which just stepped down. The COO of that company will be replacing Jesse Powell. You also have Genesis CEO which recently stepped down. You had Michael Saylor that gave up his title over at MicroStrategy not that long ago.

And I was just talking to Jared Blikre just earlier, Akiko. And basically, he was also pointing out that these SEC regulations, that these exchanges have sort of underestimated the SEC power that they will have because Gary Gensler has said that Bitcoin, yes, that is a currency, but all these other cryptos are securities. And so regulations will come accordingly.

AKIKO FUJITA: OK, a lot of people watching that one. Also a debate whether it's the SEC or CFTC that should be overseeing all this. Thanks so much for that, Ines.