BitcoinOther cryptocurrencies and bitcoins fell sharply Thursday, as the Federal Reserve’s December meeting was hawkish. This impacted global risk assets.

Bitcoin trades at below $43,200 as of 2:59 am. According to CoinDesk data, it was trading at just below $43,200 ET Thursday morning, a drop of nearly 7% over the previous 24 hours. In the past 24 hours it fell to $42,503.88, which is the lowest in over a month.

Others cryptocurrencies also fell. EtherDropped nearly 10% to $3.452.58

Following the Wednesday stock market decline, crypto stocks have fallen. release of minutes from the Fed’s December meetingThe central bank said that it was going to reduce its supportive monetary policies, and would also be reducing the bond portfolio.

Also, the Fed indicated it might have to increase interest rates earlier than anticipated.

In the meantime, benchmark 10-year TreasuryThe yield rose to 1.7% Wednesday.

Technology stocks, which are growth assets, tend to get hit as interest rates rise. Future earnings become less appealing to investors when the yields are lower. This sentiment has spread to cryptocurrency, which is seen as riskier assets.

In general, the Fed’s decision to increase the interest rate has caused global market weakness. Therefore, the decline yesterday was quite coincidental. “We’ve witnessed the U.S. markets drop yesterday, and this has caused all other risk asset types, crypto included, to fare equally badly,” Vijay Ayyar vice president for corporate development and international at Luno cryptocurrency exchange.

Particularly in Bitcoin and crypto, there has been some price weakness over the past 4 weeks due to lack of demand, holiday season and other similar factors.

Shares in Asia-Pacific market also droppedThis Thursday

— Eustance Huang from CNBC contributed to the report.