Major coins rose sharply after the U.S. Federal Reserve’s policy meeting concluded on Wednesday. The global cryptocurrency market cap rose 8% to $1.05 trillion at press time.
Price Performance Of Major Coins
Coin
24-hour
7-day
Price
Bitcoin (CRYPTO: BTC)
7.9%
-2.2%
$22,860.56
Ethereum (CRYPTO: ETH)
13.7%
6.4%
$1,627.89
Dogecoin (CRYPTO: DOGE)
7.3%
-4.7%
$0.07
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency
24-Hour % Change (+/-)
Price
Lido DAO (LDO)
+35.2%
$1.92
Ethereum Classic (ETC)
+31.5%
$32.99
Synthetix (SNX)
+24%
$3.66
See Also: How To Get Free NFTs
Why It Matters: Bitcoin and Ethereum rose nearly 8% and 14% intraday after the Fed announced a 75 basis points interest rate hike.
At the end of the Federal Open Market Committee meeting on Wednesday, Fed Chair Jerome Powell took a dovish stance on future rate hikes, reported CNBC.
“As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases while we assess how our cumulative policy adjustments are affecting the economy and inflation,” according to CNBC.
Powell addressed whether the U.S. economy was in a recession and said while the growth was negative in the first quarter, it is expected to be marginally positive in the second quarter.
Edward Moya, a senior market analyst with OANDA noted that …
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