Ethereum is trading above the $1,700 level for the first time since June 10
, the second-largest cryptocurrency, has surged above the $1,700 level on the Bitstamp exchange since June 10."Ethereum just flew right through resistance there," James Seyffart, research analyst within Bloomberg Intelligence commented. , Bitcoin and other cryptocurrencies spiked after the U.S. Federal Reserve hiked interest rates by 75 basis points.
Notably, this was the biggest Fed-driven Nasdaq rally since former chairman Ben Bernanke slashed interest rates to nearly zero on Dec. 16, 2008, to jumpstart the economy in the wake of the global financial crisis .
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