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Home News Cryptocurrencies

Stocks Linked To Crypto Rally After Fed Rate Hike

Juliet Okeke by Juliet Okeke
4 months ago
in Cryptocurrencies, News
Reading Time: 2 mins read
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Following the Federal Reserve’s announcement to raise interest rates by 75 basis points on Wednesday, stocks that are vulnerable to cryptocurrencies increased along with bitcoin and ether.
Stocks Linked To Crypto Rally After Fed Rate Hike
Stocks Linked To Crypto Rally After Fed Rate Hike

Equities that are vulnerable to cryptocurrencies increased from their daily lows on Wednesday as the tech-heavy Nasdaq index gained ground after the U.S. statement by the Federal Reserve that interest rates would increase by 75 basis points.
The majority of the main cryptocurrencies were also rising, with the two largest by market capitalization, bitcoin (BTC) and ether (ETH), lately increasing by 3% and over 1%, respectively.

Hut 8 (HUT), Marathon Digital (MARA), and Riot Blockchain (RIOT) are three cryptocurrency miners that saw gains of at least 6%. Both the software/bitcoin company MicroStrategy (MSTR) and the cryptocurrency exchange Coinbase (COIN) saw gains of at least 3%. Galaxy Digital (GLXY.TO), a cryptocurrency brokerage and asset management, increased by around 5%.

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The gains happened during a choppy trading day and week leading up to the Fed meeting.

Terminal Rate Forecasts

Economists are already projecting what the terminal rate would resemble in anticipation of the change. By year’s end, Goldman Sachs (NYSE: GS) and Citigroup (NYSE: C) analysts predict that the interest rate will be in the 4% to 4.25% area.

Kevin Nicholson of Riverfront Investment Group gave his perspective on the state of the economy.

“The Fed will keep raising rates unless there is a significant decrease in inflation,” it said. We think that there will be additional raises since the financial markets are finally understanding that the Fed won’t budge. Since no one is certain of the final terminal rate, the situation is similar to a protracted car trip where children continually asking, “Are we there yet?” ā€

Chris Zaccarelli, a chief investment officer of Independent Advisor Alliance, predicted that the Fed would keep raising interest rates. They “will produce a recession in the process,” he said.

Tags: cryptoNasdaqStocks

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