Crypto
Fed Decision and Energy News Lift Cipher Amid Bitcoin Slide
Cipher Inc led miners higher after the Federal Reserve's decision on interest rates and energy news, while Bitcoin (BTC) faded. The stock price of Cipher rose 3.4% to $1.42 in afternoon trading.
The Fed kept its benchmark rate unchanged at a range of 5-7%, which was expected by analysts.
Cipher's rise may be due to the company's recent efforts to improve energy efficiency and reduce costs, as well as its focus on decentralized finance (DeFi) applications.