"Investors must like that crypto is going up fast, yes, before it was weak, the price wanted to go up."
The entire cryptocurrency market saw a drastic rise when the Federal Reserve (Fed) of the United States (US) announced an interest rate hike of 25 basis points to 4.75% at its February 2023 policy meeting early this morning.
Fed Chairman Jerome Powell who previously said to reduce interest rate hikes has been the reason why most investors are ready for the reduction.
Following the results of the meeting, the price of BTC with a market capitalization of $464 billion managed to jump through the level of $24,236 in the past 24 hours while the second largest crypto Ethereum (ETH) managed to break through the $1,695 zone.
While several other digital assets also surged, where Ripple (XRP) gained 2.64% in the last 24 hours, Solana (SOL) 7.65%, Dogecoin (DOGE) 1.06% including Chainlink (LINK) 5.20% after a few minutes of the announcement.
Even so, Frax Shares (FRX), Mina (MINA), Aptos (APT), Terra (LUNA) and Gala (GALA) saw a decrease of around 6% in the last hour.
Meanwhile, US indices slipped ahead of the Fed's interest rate hike decision with the S$P500 down 0.25%, the Nasdaq around 0.15% and the Dow over 0.50%.
Currently, investors are still worried about the strategy the Fed will use to control inflation in addition to the prospect of an economic recession.
