Crypto in Green as Foreign Pressure on Fed to Stop Rate Hikes Mounts (Market Watch)

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Yesterday’s Fed meeting didn’t result in a lot of volatility in the crypto markets, but the UN pressure on the central bank has pushed most assets north today.

Bitcoin touched $20,000 minutes ago, while ETH, XRP, and MATIC have jumped by impressive percentages in a day.

Bitcoin Taps $20K

Ever since the end of last week, bitcoin seemed stuck around $19,000. The asset had calmed there after failing to overcome $20,000 a day earlier and spent most of the weekend at just over $19,000.

The situation on Monday seemed rather identical, but there were some expectations that this will all change later in the day when the US financial authorities had an emergency meeting. However, that didn’t happen either.

Yet, the landscape started to change later in the afternoon following reports that the UN urged the Fed to stop hiking the interest rates as it may cause a global recession.

The crypto markets reacted well, and bitcoin jumped to a multi-day high of just over $20,000 earlier today. As of now, the asset stands inches away from that coveted line, but its market cap has risen to $385 billion. Its dominance over the alts is above 40% for the first time in weeks.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

XRP, ETH Up by 5%

Although ETH is still a long way down from its pre-Merge price, the second-largest crypto is up by almost 5% daily. As a result, it has tapped $1,350 for the first time in a few days.

Ripple is another notable gainer from the larger caps. XRP has gained a similar percentage as ETH and trades north of $0.45. MATIC has jumped the most, with a 7% increase to $0.82.

Albeit with more modest gains, Binance Coin, Cardano, Dogecoin, Polkadot, Shiba Inu, Tron, and Avalanche are also in the green.

From the mid-cap alts, ATOM, LINK, and QNT stand out as today’s best performers. As a result, the cumulative market cap of all crypto assets had added $30 billion daily and is north of $950 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.