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Crypto-Linked Stocks Rally After Fed Rate Hike
Cryptocurrency-exposed stocks rose along with bitcoin and ether following the Federal Reserve's announcement Wednesday to boost the interest rate 75 basis points.
Updated May 11, 2023, 4:15 p.m. Published Sep 21, 2022, 7:38 p.m. 1 min read
Crypto-exposed equities jumped from their daily lows Wednesday as the tech-heavy Nasdaq index regained ground following the U.S. Federal Reserve's announcement that it was hiking the interest rate by 75 basis points.
Most major cryptos were also on the rise, with bitcoin and ether )ETH), the two largest cryptocurrencies by market capitalization, recently climbing 3% and over 1%, respectively.
Cryptocurrency miners, including Hut 8 (HUT), Marathon Digital (MARA) and Riot Blockchain (RIOT) all jumped at least 6%. Crypto exchange Coinbase (COIN) and software/bitcoin firm MicroStrategy (MSTR) both gained at least 3%. Crypto brokerage and asset manager Galaxy Digital (GLXY.TO) was up about 5%.
The gains came amid a volatile trading session and week leading into the Fed's meeting.
Read more: Fed Hikes Rates to Highest Since 2007; Bitcoin Holds Steady at $19,500
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- The crypto prime broker, last valued at $8 billion in 2022, serves institutional clients including hedge funds, asset managers and market makers.
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