BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

The Federal Reserve raised interest rates by 75 basis points on September 21 and Fed Chair Jerome Powell expected another 125 basis points increase before the end of the year. If that happens, the benchmark rate will rise to 4.4% by the end of the year, sharply higher than the June estimate of 3.8%. The Fed has also hinted that it only expects to consider interest rate cuts in 2024.

The expectation of higher rates has pushed the two-year Treasury to 4.1%, its highest level since 2007. This may attract many investors looking for safety in this uncertain macro environment. Higher rates are also likely to reduce the attractiveness of risky assets such as stocks and cryptocurrencies and may delay the start of a new upward trend.

Daily cryptocurrency market performance. source: 360 . coin

Although Bitcoin (BTC) faces several headwinds in the near term, this has not prevented MicroStrategy from buying more coins. After the last purchase of 301 Bitcoin, the company’s stock rose to 130,000 Bitcoin. This shows that MicroStrategy and its CEO, Michael Saylor, remain bullish on Bitcoin’s long-term prospects.

Bitcoin and altcoins are trying to stabilize after the Federal Reserve’s announcement. Can they begin to recover? Let’s study the charts of the top 10 cryptocurrencies to find out.