Binance Coin

Ripple and tsuka soar despite another Fed rate hike


Watch: Ripple and Tsuka soar despite another Fed rate hike | The Crypto Mile

Ripple and Tsuka soared in value this week despite the downturn experienced by the majority of the crypto-market after the US Federal Reserve raised interest rates by 75 basis points on Wednesday.

The crypto market had priced in an 84% chance of a 75-basis point rate hike and Wednesday’s meeting of the Federal Open Market Committee gave most people what they had anticipated.

In the run-up to Wednesday’s announcement, the entire crypto market had reacted with caution at the prospect of a Federal Reserve target benchmark inflation rate of between 3% and 3.25%.

Check: Crypto live prices

On Friday the global cryptocurrency market cap today totalled $975bn, a 0.9% change in the last 24 hours, according to data from Coingecko.

Bitcoin (BTC-USD) has done its best to hold its ground this week, considering the Nasdaq Composite (^IXIC) fell 153.39 points, down 1.37% after Wednesday’s Federal Reserve meeting.

Shares of technology and growth companies such as Amazon (AMZN), Tesla (TSLA) and Nvidia (NVDA) fell between 1% and 5.3% as benchmark US Treasury yields hit an 11-year high.

Read more: Ethereum price drops 20% as SEC declares control over network

The Nasdaq Composite (^IXIC) is down roughly 23% from its November 2021 high.

Bitcoin (BTC-USD) is now hovering around $19,200, down 2.85% in the last seven days.

However, ethereum (ETH-USD) continued its slide despite last week’s successful merge to proof of stake.

Ethereum (ETH-USD) stands at around $1,320, down just over 9% in the last week.

One cryptocurrency that is enjoying a price movement counter to the overall bearish market is dejitaru tsuka (TSUKA-USD).

The memecoin which is rumoured to be the new creation of shiba inu founder Ryoshi, has risen over 50% in the past week, breaking through the 100 million market cap level to stand at $0.11.

Read more: Dogs day out: How shiba inu and dogecoin stole the crypto token limelight

Etherscan data would suggest that major Bored Ape Yacht Club holders have overtaken the top holders spots among tsuka (TSUKA-USD) whales.

However, ripple (XRP-USD) was in fact this week’s biggest winner and is up almost 60% in the past seven days to $0.49.

XRP has managed to outperform every cryptocurrency in the top 100 coins by market cap.

Ripple (XRP-USD) appears to be finally gaining momentum ahead of the possibility of a final verdict and closure of the SEC v Ripple case in the upcoming days.

Watch: ‘Digital assets will be as big as the internet itself’: Senator Cynthia Lummis

Read More: Ripple and tsuka soar despite another Fed rate hike

Notify of
Inline Feedbacks
View all comments

Notice: Undefined variable: ub in /home/c83w5hz05vw6/public_html/ on line 650

Notice: Undefined variable: ub in /home/c83w5hz05vw6/public_html/ on line 659

Deprecated: strripos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /home/c83w5hz05vw6/public_html/ on line 659

Notice: Undefined variable: ub in /home/c83w5hz05vw6/public_html/ on line 674

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.