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Why is the crypto market up today?

Published 11/30/2022, 04:25 PM
Updated 11/30/2022, 07:40 PM
Why is the crypto market up today?

The crypto market is up today and Bitcoin (BTC), Ethereum (ETH) and numerous altcoins all rallied after United States Federal Reserve Chairman Jerome Powell suggested that December could see the start of smaller-sized interest rate hikes.

Crypto and equities markets responded positively to Powell’s Brookings Institute speech in which he mentioned promising developments with inflation leading to softer rate hikes.

Nasdaq, S&P 500, Dow Jones, Ether and Bitcoin. Source: TradingView
Fed target rate probabilities chart. Source: CME Group (NASDAQ:CME)
Bitcoin long versus short ratio. Source: Coinglass
Bitcoin volatility index. Source: TradingView
BTC/DXY comparison. Source: TradingView

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