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Cryptos Jump on US Fed’s 50 Basis Point Interest Rate Hike 

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The cryptocurrency market capitalization jumped by 5.4% after the US Federal Reserve announced an interest rate hike by 50 basis points, the highest since 2000.

Source: Federal Reserve

BTCUSD is down -0.45%, ETHUSD is down -0.34%

The tokens of scalability-focussed blockchain Zilliqa recorded the most surge of up to 38.1%, with all the top 100 cryptocurrencies reporting gains.

The accompanying statement by the agency shows that inflation in March was at the steepest rise of 8.5% in the US.

Bitcoin is up 1.58% in the past day, trading at about $39,477.56, while Ethereum has gained 3.21% in the same period at $2,922.51.

The correlation of the cryptocurrencies with stocks is also on display as the S&P 500 closed at 2.99% higher while the Nasdaq Composite is up by 3.19%.

 

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