The US Federal Reserve confirmed it was scaling back its bond-buying program this month and will end it completely by June 2022. Speaking on the threat of persistent inflation, Fed chair Jerome Powell reiterated the bank’s stance that it believes higher inflation will pass through as the economy returns to normal. The markets rallied on his comments, hitting session highs.
Top cryptos
At the time of writing, Bitcoin was up by 0.18% to $63,015.0. A mixed start to the day saw Bitcoin fall to an early morning low $62,825.0 before rising to a high of $63,067.0. The near-term bullish trend remained intact, supported the latest return to $66,000 levels. Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
On Wednesday, Chainlink fell by 0.90%. It was a bullish day for most of the majors, however. Ripple’s XRP led the way with a 6.61% gain, followed by Litecoin (+3.10%), Binance Coin (+2.52%), and Bitcoin Cash SV (+1.43%). Cardano’s ADA grew by 1.16%. Ethereum gained 0.26%. At the time of writing, Polkadot was down by 1.53%.
On Monday, the total market fell to $2,527 billion before rising to a Wednesday high of $2,801 billion.
Top movers
Crypto.com’s Coin was up by 6.35% to lead the way. Shiba Inu is still going down, having lost 13.50% at the time of writing. Axie Infinity gained 13.86% and ThorChain lost 10.37%. One of the big winners was Holo, 60th by market cap, with a gain of 17.06%. The 84th coin by market cap, Telcoin, gained 44.75% this morning. The biggest winner was 82nd by market cap IoTeX with a gain of 111.60%.
Trending coins
Chihuahua, a self-described experiment in decentralized community building worth just $0.00000001931, recorded a trading volume of $1,021,034, up 2,341.69% in the last 24h. Its fully diluted market cap is at $1,906,945, up 627.53% in the last 24h. The token operates on Binance Smart Chain with 10% redistribution.