Bitcoin Advances Near $29.3K After Fed Rate Hike
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) have pared gain during early Thursday morning in Asia that was prompted by the U.S. Federal Reserve interest rate hike. Lack of indication on rate hike pause in the near term, had investors worried about the future course of the central bank in its fight against lofty inflation.
Bitcoin (BTC) was recently up 0.4% versus 24 hours earlier to $29,341. The largest cryptocurrency by market capitalization sprang higher in the aftermath of the Fed’s vote to boost its rate benchmark by 25 basis points.
Ether (ETH), the Ethereum blockchain’s cryptocurrency, added 0.7% to change hands at $1,871.
The larger crypto market moved firmly into positive territory with a number of altcoins maintaining or building on earlier gains. Origin Protocols’ OGN token was recently up nearly 20% versus 24 hours earlier. Compound’s COMP, Stellar’s XLM and Solana’s SOL were up more than 13%, 11% and 8%, respectively. Dogecoin (DOGE) was an exception, dropping more than 4.3%, relinquishing some of its double-digit gains from the previous day.
The global crypto market cap, added 0.68% to $1.18 tn, over the last 24-hours. Simultaneously, the total crypto market volume rose 21.89% to $31.34 bn. The total volume in DeFi is currently $2.67 bn and all stablecoins $28.78 bn, representing 8.52% and 91.83% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance eased 0.06% to 48.26%.
IC15 index, the barometer of top fifteen tokens, edged up 0.76% to 38,957.
Elsewhere, equity markets were mixed with the Nasdaq Composite and S&P 500 slightly in the red but the Dow Jones Industrial Average (DJIA) continuing its longest daily winning streak in six years as investors considered the possibility of another rate hike later this year.
Meanwhile, the markets observers believe the Fed announcement to have little impact on cryptocurrencies, which continues to remain in a risk-off environment. Things may turn sour on unfolding of hostile geopolitical situations or recession, but tech and finance are at a fairly stable compressed valuation, with AI being an outlier.
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