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
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

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

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Author placeholder image

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


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Author placeholder image

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