Ethereum Jumps 10% As Crypto Markets See Micro Rally

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.