• Bitcoin (BTC) was holding strong above $23.5K after a late Thursday dip sent it and other cryptos into negative territory from Wednesday highs following the Federal Reserve’s interest rate hike.
• Crypto trading activity has increased following the central bank’s decision, and CoinDesk analyst Glenn Williams Jr. highlighted the spike in activity.
• The S&P 500, gold and Nikkei 225 have all seen positive price movement since Wednesday’s announcement.
Bitcoin (BTC) was holding steady above $23.5K on Friday morning despite a late Thursday dip that sent crypto prices into negative territory due to the U.S Federal Reserve’s moderate interest rate hike. Crypto trading activity has also spiked following the central bank’s announcement, with CoinDesk analyst Glenn Williams Jr highlighting this increase in activity.
The S&P 500, gold and Nikkei 225 have all seen positive price movements since Wednesday when the Federal Reserve announced its 25 basis point (bps) increase in rates, bringing optimism to investors about inflation and economic growth. BTC is up roughly 40% this year so far as a result of this increased optimism regarding cryptocurrencies’ future value potentials.
The CoinDesk Market Index (CMI) was down 1.7% at 1,101 points at 7am ET on Friday morning while bitcoin dropped 1.8% over the past 24 hours to trade just above $23,500 – still well above last week’s support near $23,000.. Ethereum (ETH), meanwhile, fell by 1/8th per cent to trade around $1,645 while other major altcoins like DOT and MATIC saw declines of similar magnitudes in their respective prices overnight too
Catch up with insightful interviews with crypto industry leaders on latest episodes of CoinDesk TV for analysis on current market dynamics within the space or sign up for First Mover newsletter for daily updates on crypto markets movements contextualised within broader market commentary from experienced journalists like James Rubin and Glenn Williams Jr..
Join the most important conversation in crypto and Web3 taking place in Austin Texas April 26-28 by securing your seat at this event now!