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Cryptos Rebound After Fed Rate Hike: Bitcoin, Solana Gain By Up To 20%


Cryptocurrencies that had been under pressure for quite a while have erased gains and come off strong after the Fed June rate hike has been on expected lines.

Cryptos Rebound After Fed Rate Hike: Bitcoin, Solana Gain By Up To 20%

At the time of writing this copy at around 10:51 am (IST), m-cap of global crypto market has gained by over 4% and is at $947.80 billion. Also, there has been a tremendous volume increase to the tune of 26%.

Bitcoin-the largest crypto has gained momentum and is up by 4% to $22K. Similarly other altcoins are trading in the green. Ethereum is up by over 8%, Ripple up by over 11%, Solana by 22% and Cardano and Polkadot up by over 13% each.

The memecoins too are buoyant with Dogecoin and ShibaInu up by over 16% as for Dogecoin.

Ahead of the crucial Fed meet outcome, bitcoin sank to its lowest price in 18-months. The pressure has also built since the Celsius-the lending and staking platform halted withdrawals via its platform.

An even larger issue emerged on June 14 after crypto venture capital firm Three Arrows Capital (3AC) reportedly lost $31.4 million through trading on Bitfinex. Furthermore, 3AC was a known investor in Terra, which experienced a 100% crash in late May.

Should you buy Bitcoin now?

The crash in the bitcoin is seen to prevail for long and there is a view that prices shall correct more. Companies as per a CNBC report are also preparing themselves for a 'crypto winter' or when prices fall and remain low for an extended time.

"This wouldn't be a good entry point now," said Johnson -certified financial planner Ivory Johnson, founder of Delancey Wealth Management in Washington, D.C. in the CNBC report. He further added that the one exception would be investors with very long time horizons and who are dollar-cost averaging into the asset, similar to how people invest with a 401(k) plan.

Read more about: bitcoin cryptocurrency
Story first published: Thursday, June 16, 2022, 11:31 [IST]
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