Crypto and S&P 500 have seen a jump after the federal reserve's announcement of raising interest rates by 75 basis points.
Yesterday, on the 27th of July, Bitcoin saw a massive jump in its value along with other major cryptocurrencies and stock markets such as Nasdaq, Russell and S&P 500 etc after the US federal reserve announced a hike of 75 bps in the current interest rates. They also mentioned that they could announce a bigger hike in the upcoming September meeting as well to counter the inflation in the United States.
Bitcoin and Ethereum have seen a jump of 10-15% in the last 24 hours. Also, the S&P 500 index jumped from 3,973.7 to 4,023.53 after the fed meeting and closed at 4,023.61, after so many crashes the digital assets seems to be recovering which is a sign of relief for traders and investors.
Despite this, many positive developments are being made in UK, Dubai and South Africa as well. As per a report, Bitcoin could see a 10% global adoption by the end of 2022. Although there are many uncertainities, still Bitcoin prices are likely to see a jump in the following weeks responding to the positive developments in the United States.