Crypto-Linked Stocks Rally After Fed Rate Hike

Cryptocurrency-exposed stocks rose along with bitcoin and ether following the Federal Reserve's announcement Wednesday to boost the interest rate 75 basis points.

AccessTimeIconSep 21, 2022 at 7:38 p.m. UTC
Updated Sep 21, 2022 at 8:19 p.m. UTC

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Crypto-exposed equities jumped from their daily lows Wednesday as the tech-heavy Nasdaq index regained ground following the U.S. Federal Reserve's announcement that it was hiking the interest rate by 75 basis points.

Most major cryptos were also on the rise, with bitcoin (BTC) and ether )ETH), the two largest cryptocurrencies by market capitalization, recently climbing 3% and over 1%, respectively.

Cryptocurrency miners, including Hut 8 (HUT), Marathon Digital (MARA) and Riot Blockchain (RIOT) all jumped at least 6%. Crypto exchange Coinbase (COIN) and software/bitcoin firm MicroStrategy (MSTR) both gained at least 3%. Crypto brokerage and asset manager Galaxy Digital (GLXY.TO) was up about 5%.

The gains came amid a volatile trading session and week leading into the Fed's meeting.

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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

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