PlayIconNav
BTC
$66,275.79+0.01%
ETH
$3,034.28+0.90%
BNB
$577.66-0.92%
SOL
$168.79+3.51%
XRP
$0.52086032+0.35%
TON
$6.69+0.70%
DOGE
$0.15367738-1.53%
ADA
$0.48146471+5.64%
SHIB
$0.00002483-2.66%
AVAX
$36.53+5.45%
TRX
$0.12437406-0.26%
Ad
Consensus 2024Price Increase Extended Until
02
DAYS
10
HR
39
MIN
38
SEC
Finance

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.

By Michael Bellusci
AccessTimeIconSep 21, 2022 at 7:38 p.m. UTC
Updated May 11, 2023 at 4:15 p.m. UTC
Tech stocks rose following the Federal Reserve's decision to boost interest rates 75 basis points. (Getty Images)
Tech stocks rose following the Federal Reserve's decision to boost interest rates 75 basis points. (Getty Images)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

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.

VolumeMuteUnmute

Bitcoin Outperforming Crypto Stocks This Year

  • Arca CIO on Crypto Outlook After FTX Collapse
    07:45
    Arca CIO on Crypto Outlook After FTX Collapse
  • Kraken Incoming CEO on Company Culture, Future Plans as Jesse Powell Steps Down
    13:21
    Kraken Incoming CEO on Company Culture, Future Plans as Jesse Powell Steps Down
  • eToro Consultant Talks Crypto Correlation With Nasdaq Ahead of Historically Bearish September
    02:33
    eToro Consultant Talks Crypto Correlation With Nasdaq Ahead of Historically Bearish September
  • Bitcoin Falls Below $30K as Bullish Momentum Wanes
    11:33
    Bitcoin Falls Below $30K as Bullish Momentum Wanes

    • 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.

    Read more: Fed Hikes Rates to Highest Since 2007; Bitcoin Holds Steady at $19,500

    Disclosure

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

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Author placeholder image
    Michael Bellusci

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

    Follow @mikeybellusci on Twitter

    Learn more about Consensus 2024, 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.