Bitcoin soared nearly 9% after Fed rate hike

by in Cryptocurrency News


The US Federal Reserve's rate hike of 75 basis points was expected.

Analysts agreed that due to the acceleration of inflation, the regulator will be forced to tighten monetary policy again. At the same time, they expected a further decline in the value of shares of the technology sector and cryptocurrencies.

However, risky assets, on the contrary, showed a good performance based on trading on Wednesday. The Nasdaq and S&P 500 PMIs added 2.5% and 1.2%.

Digital currencies were also able to bounce back after a poor start to the week. During Asian trading on Thursday, July 28, Bitcoin rose to $23,156. Over the past 24 hours, the coin has jumped by almost 9%, BTC capitalization is $441.35 billion.

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Ethereum (ETH) and Polkadot (DOT) saw explosive gains, soaring over 13% to $1,642 and $7.69, respectively. Binance Coin (BNB), Cardano (ADA), and XRP strengthened to $269.26, $0.507, and $0.358. The capitalization of the crypto market at the time of publication of this review exceeded $1.056 trillion.

According to Glassnode, over the past few months, wallets with a balance of less than 1 BTC have shown increased activity.

The team report says that before the collapse of the Terra ecosystem in early May, such addresses or so-called shrimp held about 5.2% of the cryptocurrency market supply, and already in July, this share increased to 6.024%.

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Analysts have found that shrimp have bought more than 156,000 BTC since May, taking advantage of the cryptocurrency crash in May and June.