Major coins traded in the green on Wednesday evening following the announcement by the Federal Reserve of a 25 basis point hike in interest rates.
Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
Bitcoin (CRYPTO: BTC) | +1.69% | $29,055 |
Ethereum (CRYPTO: ETH) | +1.98% | $1,901 |
Dogecoin (CRYPTO: DOGE) | +1.14% | $0.079 |
What Happened: Bitcoin initially experienced a 1% decline after the rate hike. however, it has since rebounded.
At the time of writing, the global cryptocurrency market capitalization stood at $1.20 trillion, an increase of 1.44% over the last day.
The U.S. stock market saw a dip on Wednesday as the Federal Reserve increased rates. The $S&P 500 index (.SPX.US)$ experienced a decrease of 0.70%, and the $Nasdaq Composite Index (.IXIC.US)$ slid 0.46%.
With the upcoming release of Friday's US employment numbers, there is a heightened interest in how it will affect the price of cryptocurrency.
Analyst Notes: "Not all risky assets are rallying post-Fed, Bitcoin is struggling as investors anticipate possibly further support to alleviate banking stress. Bitcoin still remains anchored, unlikely to rally above the $30,000 level until the US gets some regulatory clarity," said Edward Moya, senior market analyst at OANDA.
According to the pseudonymous analyst Pentoshi, the $25,000 region is the area where they are most interested in regarding BTC. However, they express concern about a 3D/1W close below that level.
Pseudonymous analyst Captain Faibik predicts a bullish wave for BTC following the FOMC meeting. He sees BTC reaching $32,800.
