Why Bitcoin, Ethereum, and Polkadot Jumped Today
Second-quarter 2022 gross domestic product (GDP) was down 0.9% from a year ago, showing the U.S. is technically in a recession, but you wouldn't know it from the market's reaction today. Crypto markets are moving higher across the board as investors pile back into riskier assets.
At 9:30 a.m. ET, Bitcoin (CRYPTO: BTC) was up 8.9%, Ethereum (CRYPTO: ETH) was trading 12.5% higher, and Polkadot (CRYPTO: DOT) had jumped 13.7%.
On Wednesday, the Federal Reserve raised short-term interest rates by 75 basis points to a target range of 2.25% to 2.5%. This was what the market expected, but there was a swift reaction pushing crypto values higher following the announcement. Traders currently expect the short-term treasury rate to be 3.5% by the end of 2022.
Source Fool.com
