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The Federal Reserve traveled rate by 75 basis points on September 21 and Fed Chairman Jerome Powell has forecast another 125 basis point...


The Federal Reserve traveled rate by 75 basis points on September 21 and Fed Chairman Jerome Powell has forecast another 125 basis point hike before the end of the year. If that happens, it will take the benchmark rate to 4.4% by the end of the year, which is significantly higher than the June estimate of 3.8%. The Fed has also hinted that it only expects rate cuts to be considered in 2024.

The expectation of higher rates pushed the 2-year Treasury note to 4.1%, its highest level since 2007. This could attract several investors seeking safety in this uncertain macro environment. Higher rates are also likely to reduce the appeal of risky assets such as stocks and cryptocurrencies and may delay the start of a new uptrend.

Daily performance of the cryptocurrency market. Source: Coin360

Even though Bitcoin (BTC) faced several short-term headwinds, this did not deter MicroStrategy to buy more coins. After the last purchase of 301 Bitcoins, the company’s reserve increased to 130,000 Bitcoins. This shows that MicroStrategy and its executive chairman, Michael Saylor, remain optimistic about Bitcoin’s long-term prospects.

Bitcoin and altcoins are trying to stabilize after the Fed announcement. Could they initiate a recovery? Let’s study the charts of the top 10 cryptocurrencies to find out.