The Fed's impact on the crypto market led to a slight rebound in prices. The Bitcoin which was heading towards $20,000 has thus managed to rise somewhat.
The king of cryptocurrencies is currently worth $22,154.80 as of time of writing, according to data firm CoinGecko. Bitcoin was up 5.2% in the last 24 hours.
But given the high volatility that characterizes the crypto market, it would not be surprising if everything went down again in the next few hours.
Ether, the native token of the Ethereum platform, regained 7.4% to $1,201.65 Ether is the largest cryptocurrency by market value.
Coins from decentralized finance, or DeFi, platforms, such as Solana, Polkadot, Cardano and Avalanche, were the tokens that bounced the strongest.
Their platforms are considered very promising as they are very serious rivals to traditional finance because they offer the same services via what is known as smart contracts.
They gained between 13% and 22%. Finally, meme coins Dogecoin and Shiba Inu gained 15.4% and 9.8% respectively.
Fear, uncertainty, and doubt, or FUD as the industry says, dominate the crypto market. In addition to fears related to the economy, investors are wondering who will be the next domino to fall after two resounding scandals in a month.
Crypto lender Celsius Network still says nothing about the rumors evoking its probable bankruptcy after suddenly freezing fund withdrawals from its platform on June 12.