Altcoins traded higher on Wednesday, with Ethereum Classic (ETC) rising by as much as 32.55% and Uniswap (UNI) jumping by 22.47% to rank among the top market gainers. At the time of publication, Lido DAO, XYO, and Apecoin were posting gains of 36%, 78%, and 18.63%, respectively, ranking among the most profitable trading assets over the last 24 hours.
Following the Federal Reserve’s announcement that interest rates would be increased by 0.75 percentage points on Wednesday, the price of Bitcoin (BTC) rebounded and increased by more than 10% to reach intraday highs of $23,915.
According to Chinese crypto journalist, Collin Wu, “The 75-basis-point rate increase announced by the Fed on Wednesday has now jacked the central bank’s overnight interest rate from near zero to a level between 2.25% and 2.50%.” The Nasdaq rose 4% after the announcement, and Ethereum rose 15% in 24 hours.”
Top gainers: coinmarketcapOn Wednesday, the Fed was a topic of discussion in both the cryptocurrency and conventional financial markets. Its rate increase was as anticipated.
The federal funds rate is projected to rise to 3.5 percent by the end of this year according to the Fed “dot plot,” which represents each Fed‘s official forecast. This year, the Fed will meet three more times (in September, November, and December).
The S&P 500 and other equity indices increased as investors responded favorably to the rate increase. The Dow Jones Industrial Average also made a small improvement. According to coinmarketcap data, Bitcoin was trading at $22,902, up 8.27% in the last 24 hours.
The rate decision contributed to a 16 percent daily increase in the price of the second largest cryptocurrency, Ethereum(ETH), which was trading at $1626 at the time of press. Two days sooner than anticipated, a “shadow fork,” or test software update, was successfully implemented on the Ethereum blockchain.
With the passing of the test, Ethereum will be one step closer to switching from a proof-of-work network to a proof-of-stake network, which is more ecologically friendly.
With returns of more than 40% since the previous week, Ethereum Classic (ETC) has continued to be one of the top weekly gainers. This comes after Ethereum developer Vitalik Buterin stated at a lecture on July 21 ”that if you like POW, you should use Ethereum Classic (ETC), which is totally a fine chain” Collin Wu reports.
Recently, Lido Finance’s community voted down a proposal that would send Dragonfly Capital 1% of the LDO supply in exchange for about $14.5 million in DAI.
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