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Market in red after Fed's rate hike, XRP almost unfazed
Earlier this week, the U.S. Federal Reserve implemented its intention to increase the key interest rate by 25 basis points following the same step undertaken by the European Central Bank a little earlier. The Fed took the rate upPrior to the event, the crypto market first corrected downwards, including XRP and the flagship cryptocurrency, Bitcoin. BTC dropped roughly 1.5%; however, the change of the key rate did not affect BTC as it managed to recover its losses.
At the time of writing, the leading crypto is changing hands at $40,545 per unit. Altcoins then also demonstrated a surge, as the rate hike wasHowever, over half of the top 10 cryptocurrencies, as well as the majority of the top hundred, are drifting in the red, demonstrating various degree of decline.
On the top 10 list, only Ethereum, Binance Coin, Avalanche and Tether are showing tiny gains and are trading in the green.
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