Cryptocurrencies rose as investors felt relieved following remarks from Federal Reserve officials
The cryptocurrency market is currently trading higher. According to data from CoinMarketCap, the overall market capitalization increased by 6.34% to $937 billion. Bitcoin, the largest cryptocurrency by market value, is up 6% to briefly trade above the $21,000 level on July 15.
Ethereum, the second biggest cryptocurrency, surged nearly 14% to trade at $1,228 at the time of publication. Ethereum “killers” Solana and Avalanche were posting gains of 12.36% and 10%, respectively.
Over the past 24 hours, Polygon’s MATIC, Uniswap, and AAVE were leading, posting gains of 11.10%, 11.65%, and 17.10%, respectively.
Cryptocurrencies rose as investors felt relieved following remarks from Federal Reserve officials dismissing the possibility that the U.S. economy could enter a recession as a result of the central bank’s rapid rate hike schedule.
After high inflation in July, Fed Governor Christopher Waller and Fed Bank of St. Louis President James Bullard both said they would support a 75 basis point hike, contrary to market participants’ expectations for an increase of 100 basis points. increase.
Ethereum’s preparation for “Merge” enters top gear
As the network continues to test its impending switch from a proof-of-work to a proof-of-stake consensus model, Ethereum’s ninth shadow fork went live. The shadow fork advances efforts toward upgrading the Ethereum mainnet later this year. The third and last testnet merge, Goerli, is anticipated to take place the following month.
In positive news, Ethereum developers to propose September 19 as the tentative target date for the “merger”.
