Bitcoin and Ethereum Price Drop on Friday

On FindSternoon, the price of Ethereum (CRYPTO: ETH) and Bitcoin (CRYPTO: BTC) declined by 3.29% and 3.96%, respectively, to $1,283 and $18,630.

Market investors' expectations of additional Fed actions to contain inflation continue to put pressure on riskier assets and speculative inflationary hedging assets.

The Federal Reserve increased the target fed funds rate by 0.75 percentage points on Wednesday, the third time in the previous four months. The rate's new range is from 3% to 3.25%.

The Federal Reserve has reaffirmed its intention to adhere to its previously stated plan to permit Treasury securities.

On a monthly basis, agency debt and agency mortgage-backed securities will be removed off its balance sheet.

"Inflation continues elevated," the Fed said in a statement, "reflecting supply and demand Imbalances linked with the Pandemic, Increased Food and Energy Costs, and Wider Pricing Pressures."