How digital currencies reacted to the decisions of the Federal Reserve
The US Federal Reserve raised interest rates by 75 basis points, in line with expectations. After rising to $20,800 prior to the decision, bitcoin fell to the $20,000 mark following the announcement of the text of the decision and Powell’s speech.
While the cryptocurrency markets have remained more resilient than previous periods after the hawkish approach, following signs that interest rate increases will continue despite a slowdown in the coming periods, and asset cuts will continue, it has been observed that US stock markets have been priced negatively.
As of now, the cryptocurrency markets have seen a limited dip in the initial reaction. While the total market capitalization maintains the $1 trillion limit, Bitcoin’s retention of $20,000 support has allowed the cryptocurrency markets to remain limited in the downward movement following the Fed’s decisions for the time being.
The buying came from the bottom of the day, during the Asian trading hours, while Bitcoin rose to the level of 20,300 dollars.
Ethereum dropped to $1,500 after a brief rally to $1,620 in the past 12 hours. With the buying reaction from the lows, ETH recorded a recovery as high as $1,550 in the morning.
Among the top ten coins, BNB has seen a 1.77% increase in value in the past 24 hours, while heading towards the $330 limit, while the digital currency stands in the volatile market. Dogecoin was the digital currency that fell the most in the top ten. The rapidly bullish Dogecoin last week, after falling 10% yesterday, saw a partial rebound of 4% since the day’s opening and is now trading in the $0.13 range.
Positively priced altcoins according to the latest developments
Among the top 100 digital currencies, there has been a rapid rise in altcoins, regardless of the agenda, due to developments related to their internal dynamics. Among them was Arwieff, which is up 65% in the past 24 hours to $16.
AR, the original asset of the Arwave blockchain-based data storage service, rose after Meta (NASDAQ:META) announced that it will use an Arwave solution to store digital pools for developers. The statement came from Stefan Kasrel, Head of Commerce and Financial Technology at Meta.
Also, the news that Instagram will create a market for non-fungible tokens in the near future, and the news that the platform will be built with the support of the Polygon Blockchain caused the rapid rise of the project’s token Matic. Matic is also up 10% in the past 24 hours to $0.95.
While Litecoin, one of the oldest digital assets, also made a sudden rise since yesterday. After seeing a 17.5% increase in the last 24 hours, LTC rose to the $65 range, it was moving in the $62 range, maintaining its bullish outlook in the morning. In the latest developments related to Litecoin, there was news that MoneyGram will start trading cryptocurrencies via its mobile application. MoneyGram has announced that it will include Litecoin in its cryptocurrency trading service along with Bitcoin and Ethereum.