Crypto Market Reaction to the U.S. Federal Reserve’s Decision
The cryptocurrency market has moved into the growth phase amid the U.S. Federal Reserve’s decision not to raise the prime rate.
The official website of the U.S. Federal Reserve published a decision to keep the benchmark lending rate steady at 0,25% per annum. Against this news, the crypto market rose by 3,3% in less than a day. The current market volume exceeded $2,27 billion, according to CoinMarketCap. Almost all assets are in a green phase.
The following tokens are showing the biggest growth out of the top 50 cryptocurrencies in the last 24 hours:
- Helium (HNT) – 17,3%;
- Avalanche (AVAX) – 14,7%;
- Fantom (FTM) – 13,8%;
- Hedera (HBAR) – 12,6%;
- Terra (LUNA) – 11,2%, etc.
Of the top 10, Solana (SOL) shows the greatest growth – 11,1%. Bitcoin (BTC) rose by 1,6%, Ethereum (ETH) – 4,63%. The information is as of 1 p.m. (GMT+2) according to CoinMarketCap service.
Major market indices also rose following the Fed’s decision.
- NASDAQ Composite – 2,15%;.
- S&P 500 – 1,63%;
- Dow Jones – 1,08%.
Among other things, the regulator’s statement revealed that instead of reducing the purchase of bonds, the Fed plans to increase the monthly volume of their issues up to $30 billion. Also, the agency plans three key rate hikes in 2022.