Rate Hike Relief Rally
Market Meditations | July 28, 2022
On Wednesday the US Federal Reserve (FED) concluded the third of six major FOMC meetings to combat high inflation levels.
The crypto market responded well to the rate hikes, with bitcoin increasing just over 9% of the back of the announcement and, at the time of writing, is trading at $23,000. Ethereum increased almost 15% in a single trading day, rising from $1420 to $1630. In the same period, the total crypto market cap increased 9.20% and again sits over $1 trillion.