Crypto Market Cap Adds $100 Billion Following the Fed’s 75 BPS Rate Hike
Bitcoin is bouncing above and right under $23K this morning while the world’s major economies falter
Crypto Markets Add $100 Billion Following the Fed’s 75 BPS Rate Hike (Market Watch)
“The crypto market cap has added around $100 billion in a day as the US Fed raised the interest rates aggressively.
Unlike the previous Fed interest hikes, bitcoin went on a roll this time, adding over $2,000 in hours to set a new weekly high. The altcoins are also well in the green on a daily scale, with ETH soaring above $1,600 and more massive gains from the likes of Polkadot, ETC, UNI, and others.
Bitcoin Taps $23K
After the relatively quiet weekend in which bitcoin stood primarily around $23,000, the working week started with a few substantial price drops. The first came early on Monday and saw $1,000 gone. The second, 24 hours later, mimicked the previous one.
As such, BTC had dropped below $21,000 to a weekly low. The asset recovered some ground and stood around $21,000, but the community expected another volatile day after the US Federal Reserve’s latest meeting, which took place last night.”