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Crypto Market Surges 10% After Fed Hikes Interest Rates; ETH, ETC, and LDO Lead Altcoin Rally
Defying the bearish sentiments that engulfed the crypto market prior to the U.S. Federal Reserve increase of interest rates on Wednesday, digital assets surged in the aftermath of the announcement, raising the global market cap by 10%.
Bitcoin, the biggest cryptocurrency, has gained 8% over the last 24 hours as its price shot up from $21,200 to as high as $23,358. Ethereum leads the way for altcoins, gaining 12% to set a new 6-week high at $1,667.
The 24-hour price chart of Bitcoin (BTC). Source: CoinMarketCap
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