This Week in Crypto: Crypto Winter Persists amid Rate Hikes and Investor Pessimism

Bitcoin Holds Steady above Critical Support Level November began with Bitcoin (BTC-USD) facing an uphill battle to move past the $20,500 resistance level, with the flagship cryptocurrency dropping by roughly 1.80% over the last seven sessions. Bitcoin reacted sharply to the downside after the United States Federal Reserve unveiled another 0.75% interest rate hike on Wednesday to curb inflation while hinting that more hikes are inbound.  Despite the sideways price action that defined weekly price performance, BTC spot trading volume surged during the period, indicating that investors are moving around many BTC across spot markets. According to Arcane Research, the 7-day average Bitcoin spot trading volume surged by nearly 46%.