Following the release of the Fed minutes, the price of bitcoin and other cryptocurrencies fell.

According to the U.S. central banking authority's meeting minutes from July, inflation is still "unacceptably high."

After the Federal Reserve published the minutes of its July meeting, which stated that it would keep raising interest rates to control inflation, the cryptocurrency markets fell today.

Following the Fed's statement, the price of bitcoin fell by 0.9% in the hour and was down 2.4% overall. Ethereum had a 0.9% loss and a 2% daily loss.

The price of the largest cryptocurrency in the world by market capitalization at the time of writing was $23,303.53. The price of Ethereum, the second-largest digital asset, was $1,844.10, according to CoinGecko data.

The news also caused a decline in the stock market: the Dow Jones fell by 0.1%, the S&P 500 by 0.2%, and the Nasdaq by 0.6%.

Despite a healthy job market and very low unemployment, the inflation rate was still too high, according to the minutes from the US central banking authority's meeting on July 26–27, and there was no sign that it would soon go down.

Participants noted that inflation was still much higher than the Committee's long-term target of 2%, according to the minutes.

It also said that future data would determine when it would be necessary to "at some point" slow the rate of rate hikes.

Inflation in the United States is at a four-decade high right now. The majority of nations worldwide are likewise impacted by price increases.

This year, the correlation between U.S. equities and practically every coin and token in the cryptocurrency market has been very strong.

Most cryptocurrency owners have traded their holdings for "risky" investments like tech stocks, choosing instead to cling on to their U.S. dollars. The largest reserve currency in the world, the dollar, has steadily risen as a result of this.

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