Main Takeaway: Fed Raises Rates For 4th Time In 2022
The US Fed announced another 75 bps rate hike, which is the fourth hike this year. On this news, both crypto and US equities bounced by over 3% for stocks and 5% for crypto. Markets are showing signs that expectations for further drastic rate hikes are reduced, thus giving a breath of fresh air for the markets, but the economy is a different story, in particular, a potential labor market turnover. Many on crypto Twitter are saying the bottom is in, with some TA indicators showing that as well, but as we’ve seen over the past two months, the crypto markets have shattered most predictions and have on multiple occasions broken below resistance.
Key Stories: Japan Looking At Web3
Japan’s Ministry of Economy, Trade, and Industry (METI) has just opened its own Web3 Policy Office to bring together various departments and begin strengthening the framework for examining business prospects related to Web3. METI is a very important body in Japanese Politik that has large sway in terms of finance, investment, and technological development. So this news that they’re looking at the sector will chart a path forward for Japan to be a top global competitor and force in Web3-related industries such as new Internet, metaverse, DeFi, NFTs, and cryptocurrencies.
Today’s Top Gainers
The crypto markets have increased dramatically over the past 12 hours. The top five coins on Phemex d-o-d are XYO Network (XYO/USDT), Lido Dao (LDO/USDT), Optimism (OP/USDT), Synthetix (SNX/USDT), and Ethereum Classic (ETC/USDT).