The US Federal Reserve has raised interest rates by 75 basis points for the second month in a row, in an effort to tame inflation.
| | | 📈 30 Second Cryptocurrency Price Summary |
| Bitcoin price has tapped the $24,000 level today, as price rallies strongly following the Federal Reserve's latest rate hike yesterday. |
| Top-20 altcoins also rallied with force, as Ethereum gained 12%, BNB rose 5% and Ethereum Classic leads with a massive 41% jump. |
Top Stories for July 28, 2022 🔥 |
| The US Federal Reserve has raised interest rates by 75 basis points for the second month in a row, in an effort to tame inflation levels at 40-year highs. |
| A 0.75% rate hike was expected by most traders, with a small possibility of a record-setting 1% raise also on the minds of the market. Somewhat surprisingly, the crypto market rallied on the news almost instantaneously – indicating that the market may have already priced in the rate hike. |
| Federal Reserve chair Jerome Powell has not ruled out another unusually large rate increase, saying it will depend on incoming data. |
| Crypto venture capital firm Variant has raised a total of $450 million for two new venture funds – including $300 million for an "opportunity fund" and $150 million for investing in startup projects. |
| The funds will focus on four different areas of investment: decentralized finance (DeFi), blockchain infrastructure, Web3 consumer applications and new forms of ownership. |
| Variant closed its first fund in 2020 and started a $110 million fund in 2021, following a merger with Atelier Ventures. |
| CME crypto futures trading reported all-time highs in open interest in the second quarter, showing that professional traders continued to access digital assets throughout the bear market. |
| During the week of June 21, a record 404 large open interest holders were accessing the CME crypto futures products, indicating "growing interest from institutional and large sophisticated investors." |
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