The global cryptocurrency market cap, as a result, also showed a rise of 4.98 per cent over the past day to stand at $1.80 trillion, according to data.
Bitcoin price today rose by 4.24 per cent at the time of writing this article to stand at $39,673.64, as per data from CoinMarketCap.
“Bitcoin and the overall crypto market cap jumped up by over 5 per cent in the span of just few hours as the FOMC announced a 0.5 per cent point increase in the interest rate.
“Fed’s May FOMC meeting concluded with the decision that interest rates will increase by 0.5 per cent.
“Bitcoin’s high correlation to the equities was quite apparent: Bitcoin recovered lost ground.
Other major crypto coins like Cardano and Solana saw a steep rise of up to 14 per cent following the Fed announcement.