Weekly Recap: Crypto survives Fed’s rate hike, Ripple holders turn bullish, Binance pulls plug on spot trading
- Bitcoin and Ethereum prices stayed in the green post the US Federal Reserve’s 25 basis point interest rate hike.
- Ripple whales anticipate the payment giant’s win against the US financial regulator Securities and Exchange Commission.
- Binance suspended its spot trading citing issues with the platform’s matching engine, according to Changpeng Zhao.
Bitcoin and Ethereum prices nosedived immediately in response to the Federal Reserve’s rate hike before making a recovery. The two large assets by market capitalization are back in the green after the short-lived correction. This fueled a bullish sentiment among altcoin holders.
XRP token holders anticipate the cross-border payment settlement firm’s win against the US Securities and Exchange Commission (SEC).
Earlier today, crypto exchange Binance suspended its spot trading and cited technical issues.
Also read: How XRP whales are preparing for Ripple win against SEC
Bitcoin and Ethereum price reaction to the US Fed’s rate hike
Two largest assets by capitalization in the crypto ecosystem recovered from the initial knee-jerk reaction of investors to the US Federal Reserve’s 25 basis point hike. Sell signals started emerging in the Bitcoin price chart, leaving holders confused whether to shed their BTC holdings or hold the asset for another leg up.
Read more: Bitcoin Weekly Forecast: Should you trust this BTC sell signal or wait for $34,000?
Altcoin holders yielded gains as focus shifted to Ethereum Layer 2 and alternative cryptocurrencies.
Ripple whales predict payment giant’s win against US SEC
Ripple network’s large wallet investors continued their accumulation of the altcoin, since March 7. Scooping up XRP tokens in anticipating of Ripple’s win against the SEC, whales turned bullish earlier this week.
Read more: How XRP whales are preparing for Ripple win against SEC
Biggest story of the week: Binance suspended spot trading on its exchange
The largest crypto exchange in the world by trade volume cited issues with its matching engine as the reason for halting spot trading on its platform. The exchange’s announcement triggered Fear, Uncertainty and Doubt (FUD) among crypto market participants and Bitcoin, Ethereum prices declined in response to the news.
Read more: Breaking: Binance suspends spot trading, citing issues
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
