Bitcoin rallies beyond $22,000 after Fed hikes rate 0.75 per cent

After the US Federal Reserve announced monetary tightening measures and boosted Interest rates by 0.75 per cent late Wednesday, crypto investors were understandably alarmed.

The price of the biggest cryptocurrency by market capitalization initially fell to over $20,000 (approximately Rs. 15.5 lakh) in response to the rate rise before recovering.

BTC’s price is now hovering at $22,200 (about Rs. 17.25 lakh) on worldwide exchanges, while CoinSwitch Kuber in India values Bitcoin at $23,598 (nearly Rs. 18.3 lakh), up 4.54 per cent in the last 24 hours.

Bitcoin’s price is $22,221 (approximately Rs. 17.3 lakh) on worldwide exchanges, including CoinMarketCap, Coinbase, and Binance, while CoinGecko statistics reveal that BTC’s value is currently down by 27% week-to-week.

While Bitcoin has made some progress, Ether has followed suit. The second most popular cryptocurrency has had a tough week, with prices dropping to almost $1,100 (approximately Rs. 85,000), although early Friday saw modest improvements. Ether is now quoted at $1,276 (approximately Rs. 99,000) on CoinSwitch Kuber, while the cryptocurrency is traded at $1,201 (about Rs. 93,300) on worldwide exchanges, where it has gained 4.93 per cent in the last 24 hours.

According to CoinGecko statistics, despite Ether’s recent gains, the cryptocurrency’s value is still down by over 34% compared to last week’s value.

The worldwide crypto market capitalization grew by 4.65 per cent in the previous 24 hours, according to Gadgets 360’s cryptocurrency price tracker, which shows a similar pattern for most major altcoins. BNB, Polkadot, Avalanche, Solana, Uniswap, and Chainlink have increased in value, except Monero.

Memecoins During the rebound, Shiba Inu and Dogecoin both witnessed significant rises. Shiba Inu is priced at $0.0000089 (approximately Rs. 0.000694), up 5.79 per cent over the last day. Dogecoin is currently valued at $0.06 (about Rs. 5) after rising more than 13 per cent over the previous 24 hours.

“The US Federal Reserve raised benchmark Interest rates by 0.75 per cent, the most in 28 years, to curb inflation, sparking concerns about the implications for the rest of the world. Shortly after the revelation, bitcoin surged, reaching a high of $21,000 (approximately Rs. 16.3 lakh) and reaffirming its status as a significant asset to hedge against times of uncertainty. BTC dropped to an 18-month low as altcoins rallied as the crypto market settled after a rough week, indicating recovery from the world’s biggest cryptocurrency. Despite the adverse market, the tiny rebound shows investors remain optimistic about digital assets’ long-term potential, “CoinDCX’s research department.