THE DAILY ENCRYPT

October 3, 2022

Fed Rate Hike Causes Crypto Stocks to Rally

stock market trading graph
Photo by Adam Śmigielski

Cryptocurrency-exposed stocks rose along with bitcoin and ether following the Federal Reserve’s announcement Wednesday to boost the interest rate 75 basis points.

After the Federal Reserve’s announcement of a 75 basis point increase in the interest rate, crypto-exposed equities surged from their daily lows on Wednesday.

Cryptocurrencies also turn green after feds rate hike

Major cryptos are also on the rise, with bitcoin and Ethereum, the largest cryptocurrencies according to market capitalization, climbing over 3% and 1% respectively.

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Hut 8 (HUT), Marathon Digital, Mara (MARA), and Riot Blockchain (RIOT), all saw a jump of at least 6%. Both Crypto-exchange Coinbase (COIN), and software/bitcoin company MicroStrategy, (MSTR), gained at least 3 percent. About 5% was seen in cryptocurrency brokerage and asset manager Galaxy Digital, GLXY.TO.

These gains were made amid volatile trading sessions and a week leading up to the Fed’s meeting.

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Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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