Bitcoin price today rose by 4.24 per cent at the time of writing this article to stand at $39,673.64, as per data from CoinMarketCap. The world’s largest cryptocurrency rose by over 5 per cent on the day. On the other hand. Ether prices, too, jumped by over 5 per cent after the rate hike. Ethereum price today was standing at $2,932.46 at the time of writing this article, up by 4.94 per cent in the last 24 hours.
“Bitcoin and the overall crypto market cap jumped up by over 5 per cent in the span of just few hours as the FOMC announced a 0.5 per cent point increase in the interest rate. The RSI for BTC is currently at its highest in a month. On the hourly time-frame, the BTC chart has broken out of the channel pattern with the start of an uptrend last night. The next resistance is expected at $48,600. We could expect this upward momentum to continue for the next few days based on the chart pattern," said the WazirX Trade Desk.
“Fed’s May FOMC meeting concluded with the decision that interest rates will increase by 0.5 per cent. In response to this news, major indexes closed green," said Darshan Bathija, CEO and co-founder of Vauld.
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