Fed Rate Hike Pushes Crypto Investors Towards Bitcoin
As of press time, BTC is trading 0.7% up at a price of $29,464 with a market cap of $572 billion. On the other hand, all of the top altcoins have also been in the green. Ether (ETH), XRP, and Binance Coin (BNB) are up by 1.5%. Solana (SOL) remains the biggest gainer in the top ten crypto-list with over 7% gains. Cardano (ADA) and Polygon (MATIC) are up by over 3% each. advertisement With the recent rate hike, the US Interest rates have touched a new 22-year high. On-chain data provider Santiment explains: the Federal Open Market Committee (FOMC) has recently raised US rates to their highest level since 2001, with another 25 bps increase. How the crypto markets will respond could depend on social reactions. Early signs suggest a “sell the rumor, buy the news” approach, with positive price movements anticipated. Courtesy: Santiment Bitcoin Grabs Attention Amid Fed Rate Hike As the Fed announces a rate hike, Bitcoin once again takes away the li...