After Fed announcement, cryptocurrency market reverses losses

The US central bank Federal Reserve announced an interest rate adjustment last week. Cryptocurrencies have reacted well.

Estimated reading time: 3 minutes

Last week, the Federal Reserve (Fed), the US central bank, announced the new interest rate. The market reacted positively and cryptocurrencies that had been operating in decline, returned to rise and reversed their losses in the face of the bad scenario of digital assets in the previous months.

Ethereum (ETH), the second largest currency on the market, behind only Bitcoin (BTC), recorded a weekly increase of 2.3% and a rise of 16.6% in the 24 hours following the announcement. The quoted value was US$ 1,594. Today (01), the cryptocurrency is worth around $1,658 according to MoneyTimes.

Another crypto that showed positive results after the announcement was BNB (BNB) with a weekly rise of 1.06% and a rise of 10.4% in just one day. The UNI token is up 8.5% in the last week. In one day, its appreciation reached 23.4%.

Bitcoin (BTC), the largest cryptocurrency on the market, has surpassed $22,000. However, on the weekly balance sheet, its variation was still negative. In 24 hours, BTC hit 9.65% high. As of the publication of this article, the value of the cryptocurrency is around $23,228,000.

Crisis in the cryptocurrency market

In recent months, the cryptocurrency market has encountered difficulties due to factors such as the risk of economic recession and internal problems that arose after the collapse of Earth (Luna).

In times of weakness in the economy, volatile asset markets, such as cryptocurrencies, tend to lose investors who migrate their investments to safer options.

It is worth noting that Bitcoin reached its all-time high of $69,000 and today operates below $30,000. The overall loss for the crypto market amounts to around $1 trillion when considering this year’s data.

Cryptocurrency History

Known as volatile assets, cryptocurrencies have shown significant fluctuations over the years. Check out the history of some of them.

Bitcoin (BTC)

Bitcoin, the most popular currency, appeared in 2008. See the history of fluctuations in recent years.

  • 2016: +121.98%;
  • 2017: + 1291.44%;
  • 2018: – 72.33%;
  • 2019: +88.91%;
  • 2020: + 302.13%;
  • 2021: + 124.73%.

Source: InfoMoney

Ethereum (ETH)

Ethereum hit the market in 2013. It is currently the second largest cryptocurrency. It reached its all-time high in 2021, with a value of $4,800.

  • 2016: +949%;
  • 2017: +9153%;
  • 2018: – 82%;
  • 2019: – 2.86%;
  • 2020: +464%;
  • 2021: + 444.25%.

Source: InfoMoney

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