Bitcoin jumped above $29,000 yesterday to chart a new nine-month high, but that was short-lived and the asset retraced hard in the following hours.

Most altcoins are deep in the red as well, with SOL, APT, LDO, OKB, and others dropping by over 5%.

Bitcoin Fails at $29K

The primary cryptocurrency’s climb had culminated at jumping to $28,800 mid-week ahead of the Federal Reserve’s decision on whether to continue to increase the interest rates. As many local banks struggled due to the high rates, many experts believed the Fed would finally revert from its policy.

However, that was not the case. The second yearly FOMC meeting copied the first, and the central bank raised the key rates by 25 basis points. Risk-on assets, such as bitcoin, went on a downfall.

The cryptocurrency fell hard by over $2,000 in hours to just over $26,500. Nevertheless, it bounced off and jumped to over $28,000 by Friday. It kept climbing and even briefly spiked above $29,000 (on Bitstamp) for the first time since June last year.