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Crypto: Ripple and tsuka soar despite another Fed rate hike

Brian McGleenon
·2-min read

Watch: Ripple and Tsuka soar despite another Fed rate hike | The Crypto Mile

Ripple and Tsuka soared in value this week despite the downturn experienced by the majority of the crypto-market after the US Federal Reserve raised interest rates by 75 basis points on Wednesday.

The crypto market had priced in an 84% chance of a 75-basis point rate hike and Wednesday's meeting of the Federal Open Market Committee gave most people what they had anticipated.

In the run-up to Wednesday's announcement, the entire crypto market had reacted with caution at the prospect of a Federal Reserve target benchmark inflation rate of between 3% and 3.25%.

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On Friday the global cryptocurrency market cap today totalled $975bn, a 0.9% change in the last 24 hours, according to data from Coingecko.

Bitcoin (BTC-USD) has done its best to hold its ground this week, considering the Nasdaq Composite (^IXIC) fell 153.39 points, down 1.37% after Wednesday's Federal Reserve meeting.

Shares of technology and growth companies such as Amazon (AMZN), Tesla (TSLA) and Nvidia (NVDA) fell between 1% and 5.3% as benchmark US Treasury yields hit an 11-year high.

Read more: Ethereum price drops 20% as SEC declares control over network

The Nasdaq Composite (^IXIC) is down roughly 23% from its November 2021 high.

Bitcoin (BTC-USD) is now hovering around $19,200, down 2.85% in the last seven days.

However, ethereum (ETH-USD) continued its slide despite last week's successful merge to proof of stake.

Ethereum (ETH-USD) stands at around $1,320, down just over 9% in the last week.

One cryptocurrency that is enjoying a price movement counter to the overall bearish market is dejitaru tsuka (TSUKA-USD).

The memecoin which is rumoured to be the new creation of shiba inu founder Ryoshi, has risen over 50% in the past week, breaking through the 100 million market cap level to stand at $0.11.

Read more: Dogs day out: How shiba inu and dogecoin stole the crypto token limelight

Etherscan data would suggest that major Bored Ape Yacht Club holders have overtaken the top holders spots among tsuka (TSUKA-USD) whales.

However, ripple (XRP-USD) was in fact this week's biggest winner and is up almost 60% in the past seven days to $0.49.

XRP has managed to outperform every cryptocurrency in the top 100 coins by market cap.

Ripple (XRP-USD) appears to be finally gaining momentum ahead of the possibility of a final verdict and closure of the SEC v Ripple case in the upcoming days.

Watch: 'Digital assets will be as big as the internet itself': Senator Cynthia Lummis