• The Federal Reserve’s hiked rates impact the crypto market cap, pushing it down to $859.2 billion.
• The Vasil Hard Fork countdown begins today with price boost expectations from Cardano (ADA).
• The New York Court ordered Tether to provide financial statements.

As per market expectations, the Federal Reserve hiked rates by 75 basis points, rendering the market bearish. Due to growing inflation, the Federal Open Market Committee projected the Federal Funds Rate to touch 4.4% in 2022.

Moreover, Fed Chairman Powel stood by the Fed’s dedication to curbing inflation, confirming the crypto market’s fear.

As a reaction to the increasing rates, policy decisions, and economic projects, the crypto market cap rose to a $919.4 billion high before dropping to $859.2 billion. However, other markets are also impacted by inflation including NASDAQ 100 which dropped by 1.79%.

In other news, the Vasil Hard Fork countdown has also begun from today, shifting all eyes from the Feds to Cardano, with the market expecting a price gain from ADA. However, despite positive progress reports in today’s hard fork run-up, ADA has faced the third loss dropping a 2.26% to $0.432 from its September high of $0.524.

Updates from the ADA Hard Fork Mass Indicators include – 39 exchanges that have completed upgrades and are prepared for the hard fork. Also, 98% of mainnet blocks are now being created by the Vasil node. Additionally, top Cardano dapps by TLV have confirmed they have been tested and are ready for the Vasil Hard Fork.

Other updates: In continuation of the Terra collapse, the New York Court has demanded balance sheets, income statements, ledgers, and other financial documents from Tether (USDT), this week.

Lastly, Sam Bankman-Fried’s Alameda plans to return a $200 million loan in exchange for Voyager Digital repaying $160 million in collateral. Bankman-Fried’s successful firm FTX, as well as Binance, are one of the many companies looking to obtain Voyager’s assets.