Following the announcement by the Federal Reserve that it was raising interest rates by 0.75 percentage point, prices of both bitcoin (BTC) and ethereum (ETH) immediately rose by 4.5% and 5.5% respectively, Cryptonews reports.

BTC’s price soared to USD 22,590, while ETH hit USD 1,580. Stocks also rose, with the broad S&P 500 index up 1% since the announcement and up 2.2% for the day to trade just above the key 4,000 level.

In his press conference, Fed Chair Jerome Powell said that “another unusually large increase could be appropriate at the next meeting” in September. However, he added that as rates become more restrictive, it will likely be appropriate to “slow the pace of increases.” Powell also repeatedly made it clear that the Fed’s decisions going forward will be “data-driven,” and said the central bank is “strongly committed to returning inflation to its 2% objective.”