Bitcoin’s (BTC) price rebounded on Wednesday, rising 2% in early morning trading and soaring over 10% following the announcement by the Federal Reserve that it was raising interest rates by 0.75 percentage point.
Much of the talk on Wednesday in both cryptocurrencies and traditional financial markets revolved around the Fed. Its rate hike matched expectations.
The Fed “dot plot,” which is the projection of each Fed’s official's prediction for the federal-funds rate, implies that the rate will increase to 3.5% by the end of this year. The Fed has three more meetings this year (September, November and December).
In traditional equity markets, the S&P 500 and the tech-heavy Nasdaq climbed 1.34% and 2.44% respectively as investors viewed the rate increase positively. The Dow Jones Industrial Average rose by less than half a percentage point.
Ether’s (ETH) price rose 16% on the day, partly on the rate decision. Meanwhile, the Ethereum blockchain successfully implemented a “shadow...
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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...