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Jul 29,2023

Post-FOMC result, Bitcoin surges above $29,400, Solana, Cardano jump up to 7%

As a result of the US Federal Reserve sticking to plan and raising interest rates by 25 basis points on Thursday, the cryptocurrency markets were generally trading higher.

In line with expectations, the Fed increased its benchmark lending rate to a range between 5.25% and 5.5%. Chair Jerome Powell stated during a press conference that the Fed will wait for data before deciding whether to increase rates again.

Ethereum (ETH) was trading above the 1,850 level while Bitcoin (BTC) increased 0.67% to $29,429 in value. BTC volume increased by 20.32% over the previous day to reach about $12.96 billion.

Most cryptocurrencies had a little gain when the US Federal Reserve boosted interest rates by 25 basis points, as the market had anticipated. Bitcoin, which on Tuesday hit a low of US$29,097, is currently showing signs of recovery and has above the US$29,400 mark.

However, the bulls must demonstrate their control and keep the price above the US$31,000 level in order to counteract aggressive bearish thoughts.

On Friday, prices increased for a number of popular crypto assets, including XRP, BNB, Cardano, and Solana. In the meantime, the market capitalization of all cryptocurrencies was increasing, trading at roughly $1.19 trillion, up 0.87% over the previous day.

DeFi has a total volume of 2.72 billion, which is 8.94% of the 24-hour volume of the entire crypto market. Currently, the 24-hour volume of all stablecoins is $27.94 billion, or 91.8% of the overall volume of the crypto market.

The largest cryptocurrency in the world by market cap, Bitcoin, was valued at over $571 billion. According to CoinMarketCap, the market share of Bitcoin is currently 48.21%, a drop of 0.1% from the previous day.

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