Saturday, June 3, 2023

Crypto market rebounds after Fed rate hike

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Most cryptocurrencies rebounded after the Federal Reserve finally announced its rate hike, the biggest in almost three decades. The crypto market was in the green this morning, with the majority of top 10 cryptos registering gains. 

Top cryptos

Bitcoin was up around 4% at time of writing, trading above $22,000. Ethereum climbed around 9%, XRP was up around 9%, and Cardano and Polkadot were around 11% higher. 

Solana has done well in the past 24 hours as investors bought the dip. It registered gains of around 18%. 

Cryptos outside the top 10 were doing well too. Tron’s TRX is one of the biggest winners with 19%. Avalanche and FTX Token are up around 10 resp. 11%. 

Top movers

Outside the top 20, the tendency was similar, with most coins adding 5-9% to their value. Notable standouts include Helium with 15%, Elrond with 21%, ApeCoin 17%, Stacks 12%, and 1inch Network 13%.

Elrond’s price is rising on new that the Romanian ICI, a National Institute for Research and Development in Computer Science, will use its token to create a decentralized domain name service and an institutional NFT marketplace.

On the losing side, XDC Network is down 5%. UNUS SED LEO was also not impacted by the rate hike news positively, with losses of just under 1%. 


The biggest winner today is ELEF WORLD, an NFT game that allows players to earn rewards for providing liquidity. These can be exchanged for the ELEF token anytime. The token is up 1,410%.


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