The crypto market cap has added around $100 billion in a day as the US Fed raised the interest rates aggressively.
Unlike the previous Fed interest hikes, bitcoin went on a roll this time, adding over $2,000 in hours to set a new weekly high. The altcoins are also well in the green on a daily scale, with ETH soaring above $1,600 and more massive gains from the likes of Polkadot, ETC, UNI, and others.After the relatively quiet weekend in which bitcoin stood primarily around $23,000, the working week started with a few substantial price drops. The first came early on Monday and saw $1,000 gone.
As such, BTC had dropped below $21,000 to a weekly low. The asset recovered some ground and stood around $21,000, but the community expected another volatile day after the US Federal Reserve’s latest meeting, which took place last night.but, unlike some previous examples, actually brought gains for the primary cryptocurrency. Bitcoin spiked almost immediately to $22,000 and continued upwards to a 6-day high of over $23,000 registered a few hours ago..
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