Bitcoin on the rise despite the FED

With the ‘hawk’ statements of Fed Chairman Jerome Powell, US bond yields peaked in nearly 3 years. Despite this, there was an increase in cryptocurrencies due to increasing inflation concerns. Bitcoin gained 4% daily and Ethereum 3.9 percent.

Yesterday, despite Fed Chairman Jerome Powell’s announcement that they could accelerate interest rate hikes if necessary, there was an increase in cryptocurrencies.

After Powell’s statements, the US 10-year Treasury bond yields rose to the highest level in 3 years. Recently, cryptocurrencies have been falling with the rise of US bond yields. However, something different happened today.

Bitcoin saw above $ 43,000 in the morning hours. As of 15.30 TSI, it increased by 4 percent in the last 24 hours and traded at $ 42,840. Ethereum, on the other hand, rose 3.9% to $3,010. Thus, in the last 1 month, Bitcoin has gained 11.6% and Ethereum has gained 14%.

AVAX AND LUNA FALL

Terra (LUNA) and Avalanche (AVAX), which have shown rapid rises in recent weeks, upset their investors today. Luna lost 1.7 percent daily, while AVAX fell 2.9 percent.

Ripple gained 2.8 percent today, while Binance Coin rose 3 percent.

Analysts stated that despite the Fed President’s statements, rising inflation rates around the world increased the demand for cryptocurrencies.