Cryptos Gain Ground; Bitcoin At Above $23K, Ethereum Up Close To 7%

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oi-Roshni Agarwal

| Published: Friday, July 22, 2022, 13:23 [IST]

Cryptos as of writing this copy at around 12:53 pm posted some recovery with Bitcoin-the largest token by market cap hitting $23K levels. Also altcoins were also largely up with Ethereum seeing a traction by close to 7% and trading at $1596.

Similarly of the other top cryptos, Cosmos was the most resilient with gains of over 7%. Meanwhile, some weakness was seen for stablecoins including USD Coin and Tether.

The resilience in the cryptoverse is being seen even as Tesla announced of a decision to sell its Bitcoin holdings.

“Bitcoin was showing signs of a potentially meaningful breakout, but that quickly came to an end after Tesla reported earnings,” Oanda Americas Senior Analyst Edward Moya wrote in an email

Now even as a host of contagion continued to play a spoilsport for the digital tokens which soon lost its glory similar to its swift upside, the next key trigger shall be the US Fed’s decision on interest rate.

The US Federal Reserve is slated to meet for its FOMC meet on July 26-27 and is expected to announce a 75 basis point rate hike. This is even as earlier the call for a 1% rate hike got stronger with the June inflation figure coming in at 41-year high level.

So, while there is seen some recovery, cryptos as per market experts are foreseen to see a prolonged crypto winter. Crypto winter is typically a period of under-performance of this new age asset class.

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Story first published: Friday, July 22, 2022, 13:23 [IST]