, a broad measure of crypto prices, gained 1.2% at press time. Ether , the Ethereum blockchain's cryptocurrency, added 0.5%.Despite the gains, bitcoin remains well off its July high of $31,800 and largely immune to macroeconomic events that over the past year have stirred more dramatic price reactions.
The Fed announcement"doesn’t change the story related to crypto," said Lex Sokolin, managing partner of Web3 investment fund Generative Ventures."We are already in a risk-off environment. Things could maybe get more catastrophic with war or recession, but tech and finance are at a fairly stable compressed valuation, with AI perhaps being an outlier."
Sokolin expects"a few more rate hikes," but"the hardest work, which was to absorb the Covid supply chain shock and the associated subsidized money printing, is done." The larger crypto market moved firmly into positive territory with a number of altcoins maintaining or building on earlier gains. Origin Protocols'