Bitcoin and Ethereum continue to cash in on rate-hike rally

The post-rate-hike rally continues for crypto, with total market capitalisation inching above the US$1.1tln mark for the first time in over six weeks.

Seven day market gains were approximately 4.5%.

Bitcoin performed reasonably well this morning, rising 3.4% to jump above the US$24,000 barrier, while seven-day gains came to just under just under 4%.

Meanwhile, Ethereum gained 5.3% in the past 24 hours and 9% over seven days, bringing its price above the US$1,700 barrier.

Optimism, a scaling solution for Ethereum, saw a massive spike in trading volumes, resulting in a nearly 50% increase in market capitalisation to just under US$400mln.

Most large-cap blockchain networks continue to look bullish, but the biggest weekly risers were in the decentralised finance (DeFi) space, which has added 5.4% to cross-protocol total value locked.

Decentralised exchanges Uniswap and Convex Finance posted double-digit weekly gains, while PancakeSwap added 3.3% and Compound Finance added 4.6%.

While still in the “fear” category, the Crypto Fear and Greed Index is the healthiest it’s been in three months.

In the news

The Federal Reserve and the Federal Deposit Insurance Corporation have issued a joint statement to Voyager Digital (CSE:VYGR, OTCQX:VYGVF) ordering the insolvent crypto lender to “cease and desist from making false and misleading statements regarding its FDIC deposit insurance status and take immediate action to correct any such prior statements”.

Voyager has repeatedly told customers their funds are FDIC insured, which the Reserve says were “false and misleading” statements.

CoinShares’ digital asset funds report underlined total inflows of US$30mln in the past week, comprising mainly Bitcoin and Ethereum long positions.