After the Federal Reserve’s interest rate decision was announced Bitcoin (BTC), Ethereum (ETH) and the overall market is trending upwards.
Bitcoin Continues Its Rising After Edging FED Rate Increase
After the volatility of the past few days, the Bitcoin (BTC) price briefly regained the 24,000 mark on Wednesday night, rising to levels last seen in mid-August last year.
The latest price action comes after the Fed’s decision to raise interest rates by 25 basis points from 4.5% to 4.75%. It also follows Bitcoin’s bullish performance in January, when it gained 40%, the best rise since 2013.
Another rate hike shows that policymakers are still worried about inflation despite the steady growth of the economy, but “the markets are not eating it,” said James Butterfill, Head of Research at CoinShares.
Second largest in the market by market value cryptocurrency with a unit Ethereum (ETH), From $1,670, up 6.2% is being traded.
Six months into the Proof of Stake (PoS) period, Ethereum is gearing up for the highly anticipated Shanghai upgrade that will allow users to withdraw staked ETH.
The upgrade testnet, called Zhejiang, went live Wednesday to simulate the process.
Elsewhere in the market, Polygon (MATIC) was the biggest gainer of the day, gaining 13%, pushing the token price to a three-month high of $1.23.
Among other top performers during the day 7.5% increase showing Binance Coin (BNB) and 5.6% increase showing Cardano (ADA) is located.
It is not investment advice.
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