After the US Federal Reserve raised interest rates, Bitcoin and other major crypto tokens saw some profit booking on Friday. The markets were gripped by quarterly earnings from tech-heavy companies as the euphoria over moderate rate hikes faded.

Bitcoin fell 2% but remained above the $23,000 mark in the early Asian hours. Its largest peer, Ethereum, fell more than 2% but remained above the $1,600 mark. Other altcoins were trading with conflicting signals.

On Thursday, Bitcoin surpassed the $24,000 mark as markets continued to react to the latest Federal Reserve policy. This was the first time Bitcoin had reached this level since August. However, it was unable to maintain its gains and fell to $23,500, displaying volatility, according to Edul Patel, Co-founder and CEO of Mudrex.

“In the meantime, Ethereum prices nearly reached $1,700, the highest since September. Ethereum’s current immediate resistance is $1,700, with the next major resistance at $1,720.

With a few exceptions, all of the top crypto tokens were trading significantly lower on Friday. Polkadot, Shiba Inu, and Tron were all slightly higher. Among the losers were Avalanche, which fell 6%, and Solana, which fell 5%. Polygon and Dogecoin were both down 4%.

The global cryptocurrency market cap was trading slightly lower at $1.07 trillion, down more than 1% in the previous 24 hours. However, total trading volumes remained flat, falling only 1% to $61.25 billion.