Crypto Gains But Slowly, Bitcoin Surged To US$ 23,880.40, Ether Down Marginally

The cryptocurrencies are gaining this week, significantly after the US Fed hiked the interest rate by 75bps. Today, on July 30, till 8.09 am UTC, Bitcoin gained by 0.40%, and was quoted at US$ 23,880.40, in the intra day trading. Yesterday, Bitcoin closed at US$ 23,784.50. The asset has gained by 12.06% in the last 5 days, gained by 19.49% in the past 1 month, and has fallen by 36.99% in the past 6 months.

Other cryptocurrencies have shown mixed reactions. Ether was quoted at US$ 1,715.09, falling by 0.42%. Yesterday, Ether closed at US$ 1,722.25. Litecoin was quoted at US$ 61.62, gaining by 1.50%, Dogecoin was quoted at US$ 0.0698 gaining by 0.99%, and Cardano was quoted at US$ 0.5217 falling by 0.49% today, till last traded.
Ether (ETH / USD)

On Wednesday, the US Fed hiked its interest rate, and on Thursday the US Commerce Department stated that in its advanced reading that the country's Gross Domestic Product has dropped by 0.9% in Q2, missing the market anticipation for a 0.4% gain. These economic factors are now helping the crypto market to gain. If the US Fed had hiked the interest rate by 100bps, the market could have reacted differently, however, the 75bps hike in the interest rate was expected by the investors.

According to a Bloomberg report, "The rally signals growing confidence that Ethereum's move from the current system of using miners to a more energy-efficient system using staked coins is nearing. The switch to this so-called proof-of-stake system is expected to take place in September. This week, Ethereum developers have signaled continued progress in testing the new system, and they are holding a series of events for prospective stakers and other community members in the coming weeks."