Declining crypto and equity markets and contagion among crypto companies after the collapse of the Terra ecosystem in May have hit the industry hard in a crucial area – its workforce; BTC, ETH soar after Fed rate hike. shauryamalwa and JPRubin23 report
Ten-year Treasury yield daily close: 2.73%Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index ; Ether is the CoinDesk Ether Price Index ; Gold is the COMEX spot price. Information about CoinDesk Indices can be found atThe U.S. central bank delivered as expected, raising interest rates 75 basis points.
Many market observers believed markets had already accounted for the Fed's rate hike, which the bank has been foreshadowing for over a week."A lot of people are saying that the rate hike right now is baked in just because the Fed has telegraphed for quite a while...and even equity markets have been setting quite a bit," Katie Talati, head of research at asset management firm Arca, told CoinDesk TV's"First Mover" program prior to the Fed announcement.
Crypto prices tracked equity indexes upward on Wednesday after investors reacted favorably to Fed Chair Jerome Powell's comment the bank would continue its monetary hawkishness to tame inflation, but that it might also back off the recent drumbeat of robust rate hikes at some point. Powell also noted the U.S. economy had yet to fall into a recession, as many observers had anticipated, pointing to the torrid job market that has added 2.7 million jobs this year.
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