Hassan Maishera
TL;DR
-
Bitcoin went up by 1% late on Wednesday following the Federal Reserve’s recent rate hike.
-
Market analysts believe that the rate hikes will soon stop as inflation is being curtailed.
Bitcoin Touches $29,500
Bitcoin traded in the green zone for the first time this week. After underperforming the first two days of the week, Bitcoin is finally trading in the green zone.
The world’s leading cryptocurrency by market cap was up by 1% late on Wednesday, reaching the $29,500 mark in the process.
The positive performance came as the Federal Reserve announced an increase in interest rates. The Fed’s decision didn’t negatively affect the market as analysts believe that the hikes might be coming to an end.
While commenting on the Fed’s rate hike, Lex Sokolin, managing partner of Web3 investment fund Generative Ventures, stated that;
“The Fed announcement doesn’t change the story related to crypto. We are already in a risk-off environment. Things could maybe get more catastrophic with war or recession, but tech and finance are at a fairly stable compressed valuation, with AI perhaps being an outlier."
Analysts expect a few more hikes over the next few months but added that the market has already adjusted. At press time, the price of Bitcoin stands at $29,445 per coin.
Ether, the second-largest cryptocurrency by market cap, also performed well in the last 24 hours. ETH is up by more than 1% so far today and is now trading at $1,876 per coin.
Solana is the best performer amongst the top 20 cryptocurrencies by market cap, adding more than 7% to its value in the last 24 hours.
