Bitcoin, Ethereum Sink on Freaky Fed Friday

The Federal Reserve Chairman, Jay Powell took the podium in Jackson Hole during this week's quarterly

His comments on interest rates and future hikes sent markets into a tailspin

as investors prepare for an era of higher borrowing costs to come

The crypto market was caught off guard by a sudden decrease in prices that began on Friday

By Sunday, the leading cryptocurrency had fallen 4% from its Thursday high—and it's still falling as we speak!

This is because he said they will keep raising interest rates as long as it takes to combat inflation

cryptocurrencies are in a losing streak, except for Cardano (ADA), which anticipation hard fork coming next month

Bitcoin's value has dropped 5% over the last week while Ethereum and Solana have also seen significant drops

 lately with 10%. Dogecoin is still going strong at 8%, but most others saw double digit percentage losses

Ethereum supporters still have high hopes that the upcoming merge event will pump ETH.