Bitcoin, Ether rally despite Fed raises interest rates for fourth time in 2022


Bitcoin BTCUSD, +1.27% jumped 9% over the past 24 hours, along with stocks’ rally, as the Federal Reserve Chairman Jerome Powell said that he doesn’t think the United States is in a recession. The Fed on Wednesday raised a key U.S. interest rate by 75 basis points, the fourth hike this year, in an aggressive bid to combat the hottest inflation in four decades. Ether ETHUSD, +2.43% rallied 16% to around $1,589, according to CoinDesk data. Most smaller coins are also in green. Binance Coin bnbusd advanced 10.3%, XRP XRPUSD, +1.44% rose 7.3%, and Solana SOLUSD, +0.30% gained 11.3%.

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