Crypto markets staged a mini-rally in the past hours as the U.S. Federal Reserve released the 75 Basis Point Hike
Crypto Markets: Ethereum, Bitcoin Stage Rally
The news of a 75 basis point rise by the US Federal Reserve has boosted cryptocurrency prices. With inflation in the United States surging above 8.6% in May 2022, the Federal Reserve raised interest rates for the first time in 28 years yesterday.
Bitcoin (BTC), the most valuable cryptocurrency by market capitalization, has gained 5.7 percent in the last 24 hours and is now hovering at $21,400, according to CoinMarketCap data.
The second-largest cryptocurrency, Ethereum (ETH), has gained 10.9 percent in the previous 24 hours and is now trading for over $1,140.
According to CoinMarketCap, the worldwide cryptocurrency market capitalization has increased by 6.76 percent to $921.5 billion in the last 24 hours.
Apart from Bitcoin and Ethereum, Solana (18.12 percent) and Polkadot (11.50 percent) have gained double digits in the last 24 hours.
Mini Increase Not Enough
However, those increases have not been enough to compensate for losses caused by the latest crypto meltdown, with Bitcoin down 30% this week and Ethereum down 37%.
Bitcoin has lost nearly 68 percent of its value since reaching an all-time high of $69,000 in November 2021, while Ethereum has lost 76 percent of its value after reaching an all-time high of $4,891 in the same month.
According to CoinGlass data, nearly $406 million has been liquidated in the crypto market in the last 24 hours.
At $160 million, Ethereum had the most liquidations, followed by Bitcoin ($131 million) and Solana ($8.8 million) over the same time span.
