Crypto Markets Unperturbed By 0.75% US Fed Rate Hike; Bitcoin Up 3%, Ethereum Up 2%

The crypto market seems to have factored in US Fed rate hike and the majority of cryptos were trading in green.

Updated on: 16 June 2022 9:22 am

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $22,468.79, higher by 2.61 per cent

Although crypto investors were initially spooked after the US Federal Reserve announced monetary tightening measures on June 15, 2022 and raised interest rates by 0.75 per cent, the market quickly recovered all losses. Fed chairman Jerome Powell said that members of the Federal Open Markets Committee felt that inflation has been stubbornly up and strong action was needed.

In other news, American market makers Citadel Securities and Virtu Financial have reportedly partnered with Charles Schwab Corporation, a diversified financial services company, to build a crypto currency trading platform. Bloomberg reported that Sequoia Capital, Paradigm as well as a few retail brokerage houses are a part of this crypto project.

Read Chair Powell's full opening statement from the #FOMC press conference (PDF): https://t.co/KqX2HvrvD6 pic.twitter.com/plBgXA16ie
— Federal Reserve (@federalreserve) June 15, 2022

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Cryptocurrency Prices

The global crypto market capitalisation went up by 2.69 per cent to $961.71 billion as of 8.50 am. The global crypto volume was up by 26.56 per cent to $127.33 billion, as per Coinmarketcap data.

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $22,468.79, higher by 2.61 per cent in the last 24 hours. Ethereum (ETH) was up by 1.66 per cent to $1,215.98.

Among other significant coins, Cardano (ADA) was up by 10.83 per cent at $0.5262, Algorand (ALGO) was trading with a gain of 10.54 per cent at $0.3332, Solana (SOL) was trading with a gain of 17.54 per cent at $34.34, Polkadot (DOT) was up by 11.69 per cent at $8.31, and Binance Coin (BNB) was up by 5.05 per cent at $231.74.

Today’s top gainer was Tidex Token (TDX), which was up by 584.61 per cent at $0.3405. The top loser was Endless Battlefield (EB), which was down by 58.43 per cent at $0.01452.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was up by 10.32 per cent at $0.06051. Its volume to market cap ratio stands at 0.1357. Rival Shiba Inu (SHIB) was up by 5.87 per cent at $0.000008603.

Dogelon Mars (ELON) gained 5.56 per cent to trade at $0.0000002975, Floki Inu (FLOKI) gained 8.63 per cent at $0.000006489, and Samoyed Coin (SAMO) gained 0.32 per cent at $0.00428.

In the DeFi segment, YFI (yearn.finance) was up by 9.75 per cent at $5,259.09, and Terra Classic (LUNC) was trading with a gain of 1.98 per cent at $0.0000613. Avalanche (AVAX) was up by 9.91 per cent at $17.76, Uniswap (UNI) was trading with a gain of 12.37 per cent at $4.27, and Aave (AAVE) rose by 7.31 per cent at $64.99.