Bitcoin is above $29,000 after the US Federal Reserve increased interest rates by 25 points. Analysts suggest that the sharp decline is in the narrow steps of a month’s trading on the upside.
The SEC decided not to include a definition of digital assets in the hedge fund ruling, which could signify its intention to regulate the crypto sector more precisely.
After some setbacks, Bitcoin and other top crypto tokens are mostly back in positive mode ahead of the US Federal Reserve’s monetary policy implementation later in the day. The US central bank is waiting to increase interest rates by 25 basis points. Korean crypto markets are returning to their old positions.
Bitcoin traded higher as the largest crypto token gained another 2 percent in the past 24 hours to hit $29,000. Ethereum posted similar results; The second-largest crypto asset advanced 2 percent.
Bitcoin is regaining its old activity. The Fed has hinted that Wednesday’s rate hike may be the last for this stage.
Other crypto activity
Except for XRP and Tether, all other top crypto tokens traded higher on Thursday. Solana advanced by 2 percent. Dogecoin, Shiba Inu, and Cardano were next to the other top advancers.
The global crypto market cap was trading higher at $1.20 trillion as it rose 2 percent. The total volume of trade advanced by more than 20 percent and became 42.33 billion dollars.
The STX level has broken out of the retracement trend line with a slight uptick in trading volume.
This direction will continue in the coming days. A quick resistance is expected at $0.96, and the next support is expected at $0.56
