Bitcoin and Ether fall as the Fed holds rates

The Federal Reserve held its target range for the federal funds rate at 3.50 to 3.75 percent, a decision approved 9 to 3. Cleveland Fed president Beth Hammack, Minneapolis Fed president Neel Kashkari and Dallas Fed president Lorie Logan dissented, each preferring a quarter-point increase, citing inflation that has stayed above the Fed's 2 percent target for more than five years.

Bitcoin and Ether both fell after the decision, giving back gains made earlier in the session. Roughly $401 million in leveraged crypto positions were liquidated over 24 hours, with longs accounting for about $298 million of that total.

Three regional presidents dissenting together in favour of a hike is the most unified hawkish split the Fed has produced since 2016, a stronger signal for the next meeting than the hold itself.