Cryptocurrencies Prices Drop after US Fed Minutes

Cryptocurrencies Prices Drop after US Fed Minutes

Most major digital assets eased from their intraday highs late Wednesday, along with US equity markets, after recent US Federal Reserve policy minutes showed that officials will continue to be proactive in raising rates to combat high inflation.

The CoinDesk Market Index, the benchmark index for 163 digital assets, was up 2.4% at 807. The Dow Jones Industrial Average, the technology-focused Nasdaq 100, and S&P 500 indexes were up at 0.3%, 0.8%, and 0.7%, respectively.

Bitcoin (BTC-USD), the largest cryptocurrency by market value, was changing hands at $16,844, up 1.2% in the past 24 hours, after rising to a day high of $16,964, its best level since Dec. 20, CoinMarketCap data showed. Trading volume was at $18.03 billion, up 29%.

Ethereum (ETH-USD), the second-largest digital asset, was trading 3.5% higher at $1,252, while BNB (BNB-USD), the fifth-largest, gained 4.9% to $257.40. >>Sam Bankman Fried in Court to Defend FTX Fraud Case

XRP (XRP-USD), Dogecoin (DOGE-USD), and Cardano (ADA-USD), the sixth-, seventh- and ninth-largest digital assets, all saw gains of 0.2%, 3.1%, and 5.7%, respectively. The cryptocurrency industry’s global market capitalization rose 1.9% in the last 24 hours to $819.36 billion. #Cryptocurrencies Prices Drop after US Fed Minutes

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