Bitcoin and Ethereum rallied after a week of losses, mirroring gains made in global tech indices as the US Federal Reserve played down the likelyhoo
Bitcoin and Ethereum rallied after a week of losses, mirroring gains made in global tech indices as the US Federal Reserve played down the likelyhood of hiking interest rates by 75 basis points at a time in coming months.
The largest coin by market cap climbed 3.62% to US$39,665, changing hands at it highest level in nearly a week, although still below its key support level of US$40,000.
Ethereum on the other hand gained 4.58% to US$2,935, also its highest level for six days but, like Bitcoin, still below its key support level.
Yesterday’s rally in the crypto market came after the Fed raised interest rates by 50 basis points, but played down the likelihood of interest rates rising by 75 basis points at time in future moves, which investors had feared. The comment boosted the US market.
Cryptos have increasingly mirrored global equity markets as investors migrated into cryptocurrencies during the pandemic.
In particular, digital tokens will follow the movements of the tech indices, which are the Nasdaq in the US and the Hang Seng in Hong Kong.
The Nasdaq was up 3.19%, or 401 points to 12,964 in yesterday’s trading, while the Hang Seng is currently trading 0.52%, or 105 points, at 20,974.
In some of the altcoins, Solana was up 8.59% to US$93.51, Terra was up 2.33% to US$86.07 and Cardano was up 11.06% to US$0.8661.
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