Cryptocurrencies have rallied following the announcement of a 75 basis point hike by the U.S. Federal Reserve. With inflation in the U.S. soaring past 8.6% in May 2022, the Fed made the the most aggressive rate hike in 28 years yesterday.
Bitcoin (BTC), the largest cryptocurrency by market cap, is up 5.7% over the past 24 hours and is currently hovering around $21,400, according to data from CoinMarketCap. Ethereum (ETH), the second-largest cryptocurrency, has gained 10.9% in the last 24 hours and is currently changing hands for around $1,140.
The global cryptocurrency market capitalization is up 6.76% to $921.5 billion over the past 24 hours, according to data from CoinMarketCap.
Apart from Bitcoin and Ethereum, Solana (18.12%) and Polkadot (11.50%) (20.61%) have also posted double-digit gains over the past 24 hours.
However, those gains have not been enough to offset losses from the recent crypto crash, with Bitcoin down 30% on the week and Ethereum down 37% in the same period....
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...