Bitcoin’s price recovered on Thursday but still the world’s largest cryptocurrency was trading just over the $22,000-mark.
The US Federal Reserve Chair Jerome Powell announced the highest interest rate hike since 1994.
Bitcoin price rose 5.16 per cent at $22,077 on Thursday. Ethereum, the second largest cryprtocurrency, rose 6.03 per cent $1,190.37.
“Bitcoin, Ethereum and other cryptocurrencies rose after the Federal Reserve raised interest rates by 75 basis points which is the largest in three decades, on Wednesday. Bitcoin and Ethereum are up by nearly 3 per cent and 2 per cent from the previous day,” Edul Patel, Co-Founder & CEO of Mudrex, said.
“Cryptocurrencies fell early this week due to Celsius freezing withdrawals and transfers between accounts, stoking fears of contagion in markets. The recent surge in value might help the market recover from the previous losses if the gains are consistent,” Patel said.
XRP rose 10.26 per cent, Solana gained 20.36 per cent, Cardano rose 11.40 per cent, Stellar was up 8.46 per cent, Polkadot gained 11.71 per cent.
Other altcoins including Dogecoin was up 13.54 per cent, Avalanche gained 14.14 per cent, Shiba Inu was up 8.28 per cent, Polygon rose 8.59 per cent.