FED agrees to raise interest rates
It was not beyond investors’ predictions, to fight rising inflation and current GDP situation, FED continued to hike interest rates by 0.75%. The interest rate is now from 2.25% to 2.50%.
Since the beginning of 2022, FED has consecutively raised interest rates 4 times in March, May, June, and July, with adjustments of 0.25%, 0.5%, 0,75%, and 0.75%. FED’s goal is to raise the rates to 3%-3.5% by the end of this year through the upcoming adjustments in September, November, and December.
Cryptocurrency Market Rebounds Strongly
Although the hiking interest rates are often seen as negative news, both the US stock market and the cryptocurrency market are showing many positive signals. This can result from having careful preparation for the scenario.
As soon as the news was confirmed, Bitcoin (BTC) regained from the $21,900 zone and surged to $23,100. After that, the world’s largest cryptocurrency is stabilizing around the $22,700-23,000 zone. Previously, BTC had dropped to 20,706 on July 26.
Similarly, the 2nd coin Ethereum (ETH) bounced back strongly with a gain of more than 12% in the past 24 hours to $ 1,644. ETH is closing to July’s peak at $1,664, gained by bullish momentum driven by its The Merge upgrade coming in September.
Another name that also benefited from The Merge is Ethereum Classic (ETC), which surged more than 30% to $33.77.
The strongest upsurge in the past 12 hours was Lido (LDO), gaining 45%. This increase is mainly by proposal updating to sell 1% of LDO total supply for Dragonfly Capital, as well as imposing a 1-year token lock-up requirement.
Other major cryptocurrencies in the top 20 are also returning with 6-20% gains. Market capitalization is stabilizing at around the $1.045 billion level.
In the last 12 hours, there were more than $270 million of derivative orders being liquidated, led by ETH, BTC, and ETC. The percentage of burning short orders accounted for 78.7%.
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