Major coins traded in the red on Wednesday evening as the Federal Open Market Committee (FOMC) delivered on its widely expected announcement to raise interest rates by a quarter point.
Tesla CEO Elon Musk criticized the Federal Reserve's rate hike, saying it will accentuate depositor flight which is a major headache for policymakers and the banking industry in the wake of the ongoing crisis.</
One of the banks at the center of the financial crisis of March 2023 saw several insiders sell shares before the bank had a run on withdrawals and was taken over by regulators. The CEO of that bank left his home state fairly quickly.
The SPDR S&P 500 (NYSE: SPY) is volatile Wednesday afternoon following the Federal Reserve's decision to raise rates another 0.25%, marking its ninth straight rate increase.
Shiba Inu (CRYPTO: SHIB) knockoff ArbInu (CRYPTO: ARBINU) based on the Arbitrum blockchain is up 42% in the last 24 hours, outperforming Dogecoin (CRYPTO: DOGE) and other top meme coins.