According to ChainCatcher citing Bitcoin News and Crypto Briefing, Bitcoin fell within 30 days of a Federal Reserve rate hike in all seven cases since 2016 when the Fed paused once and then resumed raising rates. The median decline was 2.4%. The report says the current period fits this pattern: the Fed raised rates in September, paused in October, and has recently resumed—or is expected to resume—rate hikes.

The study identified 2018 as the closest historical comparison, when Bitcoin fell 42% between the U.S. midterm elections and the December rate hike. The sample covers only seven instances, with a record of zero gains and seven declines.