Crypto Market Rallies on Fed News and Regulation Talk
The crypto market is experiencing a broad rally today, with Bitcoin, Ethereum, XRP, and Dogecoin all trading in the green. According to CoinMarketCap data, the total crypto market cap has climbed 3.80% to $2.78 trillion.
Bitcoin has reclaimed the $80,000 mark, trading at $81,256, up 4.20% on the day. Ethereum rose 5.3% to $2,635, while XRP gained 6.10% to $1.41.
The rally is being driven by a mix of Fed news and new regulation talk, as well as tired sellers stepping in after a rough week. The Federal Reserve raised interest rates by 25 basis points, its first hike since 2023, but prices did not break down further.
Whale wallets have been more active lately, which usually points to bigger holders adding to positions rather than selling. This is also reflected in the Crypto Fear and Greed Index, which sits at 71, indicating 'Greed' zone sentiment.