Cryptos receding again, markets react to Fed decision

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Cryptos receding again, markets react to Fed decision

Though things were looking better for cryptos over the last couple of days, this morning the crypto markets were once again lower, with the majority of top 10 cryptos in the red over the past 24 hours.

The US Federal Reserve has announced, following its most recent monetary policy meeting yesterday afternoon, that it is going to hold interest rates. They indicated they would be ready to hike in March. 

The UK100 continued a run of rises yesterday, moving up 1.33%. The rise was driven by oil stocks as the price of a barrel neared $90. 

Top cryptos

Bitcoin registered losses of around 4%, trading around $36,500 at the time of writing. Ethereum was down around 3%, while Cardano and XRP registered losses of around 2% and 4%, respectively.

Solana, Terra, and Avalanche were among the biggest top 20 losers with around -6% each. At #20, Cosmos reversed recent gains markedly with a loss of 11%.

Top movers

Most top 100 coins were in the red at the time of writing. A notable exception was Helium with gains of 5%, but the jury’s out on whether the rise is a dead cat bounce (an exception rather than the rule, indicating an impending bear run).

Theta is up 9% today. This is the token of Theta Network, a blockchain powered network purpose-built for video streaming. Unsurprisingly, the value of Theta Fuel, which powers Theta Network, is rising. It has added 31% just today.  

Another standout performer is Decred (DCR), a blockchain-based cryptocurrency and protocol created to facilitate open governance, community interaction, and sustainable funding policies. It is up 10% in the last 24 h.

Ankr is gaining on news of a partnership with chain agnostic bare metal company Maxihost to promote Web3 growth among other reasons. It has gained 13% today.

Trending

It’s good times for dog-themed meme coins against the backdrop of market gloom. Of all of these, Dogelon Mars is barking the loudest. Thanks to the now-famous Musk tweet, Dogelon added 13% to its value.

A notable performer is GrimaceCoin, created after a McDonald’s joke tweet in response to Musk. While that’s not phenomenal, it gained almost 286,000% in a few hours.

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