People & Money

Price of Bitcoin moves above $29,000 after US Federal Reserve raises interest rates

Bitcoin is in the green today after recovering from a slight dip following the Federal Reserve’s announcement yesterday of another 0.25% rate hike.

Ethereum (ETH) is also in the green this morning. This puts both number one and two by market cap back in positive territory over seven days. There are a few daily red candles scattered across the rest of the crypto markets, but the majority are being carried to greener pastures by the renewed optimism in the markets.

Also Read: Bitcoin price holding above $20k, but its dominance over crypto market is falling

Analysts were expecting the Fed to raise rates. A statement by its chairman Jerome Powell and team notes the Reserve will take into account the cumulative tightening of monetary policy and how these policies impact the economy when making future decisions.

Some say this could spell the last hike in a tightening cycle that has seen nine rate hikes and a flurry of bank collapses. As Goldman Sachs said in a recent note: “By the time of the June meeting, we believe softness in the data and ongoing worries about the impact of constrained bank credit will probably be enough to deter further hikes.”

Yesterday’s Crypto AM Daily

 

In the Markets

The Bitcoin Economy

Also Read: Bitcoin price marked lowest weekly close since November 2020

*Data can be found at https://terminal.bytetree.com/

Total crypto market cap

The total capitalisation of the entire cryptocurrency market this morning was $1.195 billion.

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