Very quickly, the cryptocurrency market absorbed the shock caused by raising interest rates in the US market for the fourth time in a row.
While the market tended to record large losses after trading with the decision to increase the US interest rate, the market turned to gains and trading platforms turned green during the recent trading.
The US Federal Reserve’s Open Market Committee decided to raise the federal funds rate by 75 basis points to a range between 3.75 percent and 4 percent, the highest level since early 2008.
The decision came within the strict policy approach pursued by the US Central Bank to confront record inflation rates, which recorded the highest level in more than four decades, according to official data.
The Fed is likely to raise interest rates to between 4.75 percent and 5 percent by next spring, and that will be the final interest rate, or end point.
A 75 basis point hike would take the federal funds rate range to a level between 3.75 percent and 4 percent.
In the digital currency market, and in the past hours, the total market value of cryptocurrencies jumped by eight percent, to win the currencies being traded about $ 79 billion, after the combined market value rose from the level of $ 986 billion to about $ 1.065 trillion in today’s trading.
At the top of the gaining digital currencies came the “Bitcoin” currency, and during the past hours, it rose by four percent, compared to a weekly gain of 3.2 percent, to be traded today at the level of $21401, and its combined market value also rose to the level of 410.6 billion dollars, acquiring about 38.55 in percent of the total market value of the cryptocurrencies currently being traded.
While the “Ethereum” currency, which ranked second in the list of the largest cryptocurrencies by market value, recorded gains during the past hours by 4.4 percent, compared to a weekly increase of 4.2 percent, to be traded today at the level of 1652 dollars, and its market value also increased. Combined to the level of 202.15 billion dollars, acquiring a market share of 18.98 percent.
The “Tezer” currency came in third place, after its price stabilized at the level of one dollar, and its total market value recorded a level of $69.37, with a market share of 6.51 percent.
While BNP ranked fourth among the largest cryptocurrencies by market value, the currency recorded gains during the past hours by 4.4 percent, compared to a weekly gain of 19 percent, to settle its price in today’s trading at the level of $359.94, Its combined market value also rose to the level of $57.4 billion, with this figure taking a market share of 5.38 percent.
The “USD” currency came in fifth place, after its price stabilized at the level of one dollar, and its total market value stabilized at the level of 42.069 billion dollars, acquiring a market share of 3.95 percent.