Bitcoin is above $29,000 after the US Federal Reserve raised interest rates by 25 points. Analysts suggest the sharp drop is on the narrow tracks of a month of bullish trading.
The SEC decided not to include a definition of digital assets in the hedge fund ruling, which could signify its intention to regulate the cryptocurrency sector more precisely.
After a few hiccups, Bitcoin and other major crypto tokens are mostly back in positive mode ahead of the US Federal Reserve’s monetary policy rollout later in the day. The US central bank expects to raise interest rates by 25 basis points. Korean crypto markets are returning to their old positions.
Bitcoin traded higher as the largest crypto token gained another 2 percent in the last 24 hours to hit $29,000. Ethereum posted similar results; The second largest crypto asset advanced 2 percent.
Bitcoin is recovering its old activity. The Fed has hinted that Wednesday’s rate hike may be the last of this phase.
Other cryptographic activity
Except for XRP and Tether, all other major crypto tokens traded higher on Thursday. Solana advanced 2 percent. Dogecoin, Shiba Inu, and Cardano were along with the other major advances.
The global crypto market capitalization was trading higher at $1.20 trillion as it rose 2 percent. The total volume of trade advanced by more than 20 percent and reached 42.330 million dollars.
The STX level has broken out of the retracement trend line with a slight pickup in trading volume.
This direction will continue in the coming days. Quick resistance expected at $0.96 and next support expected at $0.56