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Bitcoin advanced 1.7% to rise above $23,3000 on Wednesday, after five negative sessions, following the Fed’s announcement to raise interest rates by 0.75 percentage points.
The largest currency was trading at $23,434 up 1.9%. The asset has lost some 66% of its value from lifetime highs of $69,000 in November. The second-largest cryptocurrency, ether was trading up 0.5% to $1,651.
Bitcoin prices held firm even as Solana wallets were exploited in a multimillion-dollar hack. Solana’s token’s price fell 3% on Wednesday. Bitcoin has entered into an uptrend after it hit lows on July 13.
Bitcoin had its worst quarter in more than a decade in the second quarter.
On the altcoin front, avalanche (AVAX) rose by 4%, and Polkadot (DOT) increased by 3%.
Crypto companies have been selling off whatever assets they have to try to meet their liabilities which has put pressure on the broader market.
Source - Twitter
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