The biggest cryptocurrency, Bitcoin BTCUSD –2.36 percent, climbed 6% to $21,425. In the last week, it’s still down 30 percent. Coins like Ethereum, Solana, and Avalanche saw their values rise by more than 11 percent, respectively.
After the Federal Reserve’s decision on Thursday, cryptocurrencies rebounded despite the stock market’s falls, which had also seen increases after the announcement. Dow Jones Industrial Average and S&P 500 futures were both down roughly 2% in contracts linked to them.
During this year’s wide market selloff, digital assets have taken the brunt of the losses. The central bank’s attempt to bring inflation back under control has taken on added importance in light of the fact that it has reached its highest pace of acceleration in 40 years.
Cryptocurrency exchanges are increasingly feeling the effects of the downturn. An 18 percent reduction in employees was revealed by Coinbase Global COIN +6.65 percent. After suspending client withdrawals this week, Celsius may be in the process of reorganization.