The price of Bitcoin rose and fell by a few thousand following the US Federal Reserve’s announcement about raising interest rates. Avalanche has marked the most substantial price increase of the altcoins with a remarkable increase close to 10%.
The roller coaster powered by the Bitcoin Federal Reserve
After several days of relatively calm behavior around the $39,000 level, bitcoin recalled its volatility in the last 48 hours. As reported yesterday, the asset soared by nearly $3,000 to a daily high of over $41,500 before suddenly and rapidly falling back to $39,000.
However, the bulls returned to the scene and pushed BTC above $40,000. The cryptocurrency remained north of that level for most of the day, but then came the latest Federal Reserve meeting.
When Fed Chairman Jerome Powell announced plans to raise interest rates by 25 basis points immediately, BTC went downhill, falling over $1,000 in minutes. However, the asset bounced back quite quickly again and briefly broke above $41,000.
As of now, bitcoin has lost some traction and is just shy of that latest price line, but is still up 1% since yesterday, and its market cap is close to $800 billion.
BTCUSD. Source: TradingView
AVAX leads with a 10% increase
Altcoins went through similar price moves yesterday, but most are still in the green on a daily scale.
Ethereum is up 3% and trading above $2,700. The second largest cryptocurrency had dipped to $2,500 or less earlier this week.
Binance Coin, Ripple, Dogecoin, Shiba Inu, and CRO have produced minor gains. Solana and Cardano are up around 4% each to $87 and $0.85, respectively.
Avalanche is the most substantial gainer of the larger-cap alternatives up 9.5%. As a result, AVAX has been close to $80.
The Sandbox has another impressive performance (7.5%) after a notable partnership with HSBC.
The crypto market capitalization rose by more than $110 billion in two days and is now over $1.8 trillion.
Overview of the cryptocurrency market. Source: quantify crypto
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Cryptocurrency charts from TradingView.
This post Bitcoin Recovers $40K After Increased Volatility Triggered by Federal Reserve Interest Hike (Market Watch)
was published first on https://cryptopotato.com/bitcoin-reclaims-40k-after-the-enhanced-volatility-prompted-by-feds-interest-hike-market-watch/
