This Altcoin Soared After the FED Interest Rate Decision!

In the evening hours of the other day, the FED interest rate decision, which closely concerns Bitcoin and Altcoin units, was announced. The FED decided to keep the funding rate constant at 5.25-5.50%. Since the Central Bank’s decision was not a surprise, cryptocurrency markets did not react to this news. However, IMX, the altcoin unit of ImmutableX, an NFT platform, took flight.

Market tracking platform Lookonchain shared a series of posts about what happened after the rise. Experts determined that purchases in the altcoin unit, which increased by 35% in the last 24 hours, came from South Korea.

“We see that Upbit exchange wallets are purchasing IMX.”

The whale, which purchased 12.5 million cryptocurrencies on the South Korean stock exchange, increased the total amount of IMX in its possession to 20 million 400 thousand. Today, the value of this figure in foreign currency is $15 million. Experts underlined that the address in question is the ninth largest ImmutableX whale.

Lookonchain stated that despite the South Korean whale’s giant altcoin move, customers in the rest of the world have started sending tokens to exchanges. This means crypto lovers are ready to sell.

The cryptocurrency, which attracted attention with its sudden rise, erected a giant candle in the morning. IMX, which rose to $0.85 at that time, is currently finding buyers at $0.70.


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