Cryptocurrencies firm after expected hike in interest rates by Federal Reserve

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Mumbai: After the decision taken by the American Federal Reserve to increase the interest rate by 25 basis points, there was an increase in cryptocurrencies. The five percent hike by the Federal Reserve was expected due to which the crypto market did not see any adverse impact from the decision, market circles said. The June quarter also saw an increase in the interest of large traders in futures trading.

Jerome Powell, Chairman of the Federal Reserve indicated in a conversation with reporters that whether the interest rate will be increased further or not will depend on the upcoming data.

After the Federal Reserve's decision, the price of the major crypto Bitcoin rose to $29,430. Ethereum was also trading above the $1850 level. Prices of other cryptos such as XRP, Cardano, BNB and Solana also rose.

The overall global market cap of cryptos was $1.19 trillion.

Meanwhile, in the second quarter of 2023, the participation of large traders in Bitcoin and Ethereum futures, controlled by the Chicago Mercantile Exchange, was a record, according to a report.

The number of large open interest holders in Bitcoin averaged 107 in the June quarter, compared to 62 in Ethereum.

Traders' interest increased in the second quarter due to the rally in the prices of cryptocurrencies in the first quarter. In the first 6 months of the current year, the price of Bitcoin has increased by 84 percent while Ethereum has seen an increase of 61 percent.

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