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A day after Federal Reserve Chair Jerome Powell offered unexpectedly less hawkish remarks to accompany the U.S. central bank’s modest interest rate increase, most major cryptocurrencies were in the green, with several tokens from the decentralized finance (DeFi) and smart contract platform sectors assuming the deepest hues.
Among Thursday’s biggest winners, decentralized exchange Uniswap’s native governance token, UNI, rose nearly 4.5% over the past 24 hours to trade over $7.20. Layer 1 blockchain Avalanche’s AVAX token surged almost 3.4% to recently trade above $22. Altcoins’ gains have been part of an overall market upswing that followed the Fed’s announcement underscoring its commitment to less aggressive monetary tightening.
), the second-largest cryptocurrency in market value, was recently trading over $1,650, up a fraction of a percentage point since Wednesday, same time.
Altcoins' gains are part of a broader market recovery following the Fed's announcement, underscoring its willingness to tighten monetary policy in a less aggressive manner, second largest cryptocurrency in terms of market value, was trading for more than $1,650 in recent years, by 1% since Wednesday, same time. The Bank of Canada had switched hands in a narrow range of $23,700 to $24,200 since the Fed's announcement, before diving on Thursday at the end of the day.
CoinDesk Market Index, which measures crypto market performance, was recently flat after spending much of the day in the green.
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Crypto-exposed stocks also soared: Exchange COINBASE (COIN) surged 24%, while MicroStrategy (MSTR), the software company with a large bitcoin portfolio, rose 9%. Bitcoin miner Marathon Digital Holdings (MARA) was up 6.3%.
Crypto-shares exposed have also skyrocketed: Exchange Coinbase (COIN) surged by 24%, while MicroStrategy (MSTR), the software company with a large Bitcoin portfolio, has increased by 9%.
Bitcoin Minor Marathon Digital Holdings (MARA) has increased by 6.3 percent. The positivity of numerical assets suggests that "the bottom of this cycle [down] is likely in cryptography, and that we are in some way entering a phase of recovery in that market," Joe Ziolkowski, President and co-founder of crypto insurance company Relm Insurance, told CoinDesk.
Ben McMillan, chief investment officer of crypto asset manager IDX Digital Assets, said bitcoin and the broader crypto market were "early in this bid for risk-on assets."
""This trend is likely to continue if it becomes obvious that the explosions that destroyed FTX, [Terra] and Three Arrows [Capital] have ended."
