Cryptocurrencies have rallied following the announcement of a 75 basis point hike by the U.S. Federal Reserve.
With inflation in the U.S. soaring past 8.6% in May 2022, the Fed made the the most aggressive rate hike in 28 years yesterday.
Bitcoin is up 5.7% over the past 24 hours and is currently hovering around $21,400.
Ethereum has gained 10.9% in the last 24 hours and is currently changing hands for around $1,140.
The global cryptocurrency market capitalization is up 6.76% to $921.5 billion over the past 24 hours.
Apart from Bitcoin and Ethereum, Solana and Polkadot have also posted double-digit gains over the past 24 hours.
Those gains have not been enough to offset losses from the recent crypto crash, with Bitcoin down 30% on the week and Ethereum down 37% in the same period.
Over $406 million has been liquidated in the crypto market over the last 24 hours.