The price of Bitcoin and the majority of other cryptocurrencies rose on Thursday (17/3), following the move by the United States central bank, the Fed, to raise interest rates.
Referring to CoinMarketCap data on Thursday (17/3) at 13.05 WIB, Bitcoin price is at US$ 41,094.05 or up 4.5% in the last 24 hours.
Ethereum price rose 5.09% to US$ 2,762.96, Solana rose 7.47% to US$ 87.90, and Avalanche jumped 10.25% to US$ 76
7.47%
While the price of meme-based cryptocurrencies, Dogecoin and Shiba Inu rose 4.7% to US$ 0.1181 and 3.12% to US$ 0.00002249, respectively.
The Fed raised interest rates by 25 basis points and indicated it would hoist six more times by the same amount throughout 2022.
The US central bank has adopted a more hawkish stance to tame rising inflation but without sending Uncle Sam's economy into recession.
According to Ben Emons, Managing Director of Global Macro Strategy Medley Global Advisors, the crypto market is largely already pricing in a hike in interest rates.
"It's a fair point to say there is anticipation in the effect of a rate hike," Emons said on CoinDesk TV's First Mover show.
"As for the Fed's signal to do this sooner, it doesn't count," he said.
Another driver of cryptocurrency prices is the move by Ukrainian President Volodymyr Zelenskyy to sign a law legalizing crypto in his country.
Ukraine has used a flood of digital asset donations to support their defense against the Russian invasion.