Crypto Markets Surge Amid Fed Rate Hike
Cryptocurrency markets rallied in response to the Federal Reserve's widely expected quarter percentage rate hike. The Fed raised its target range for the federal funds rate by a quarter point to 3.75 - 4 percent, citing elevated inflation as a concern. Meanwhile, aggregate crypto market capitalization increased by over one percent, reaching $2.61 trillion.
The rally in cryptocurrencies was led by Bitcoin (BTC), which touched a 24-hour high of $77,079 and is currently trading at $76,692.28, up 1.7 percent on an overnight basis. Ethereum (ETH) also gained ground, rising 3.4 percent to $2,467.20.
Several other major cryptocurrencies also saw significant gains, with Solana (SOL) surging 3.8 percent to $100.57 and Zcash (ZEC) jumping 11.6 percent to $1,392.70.