Home Business Nasdaq Soars 4% and Bitcoin Rises Too Exceed $22,000

Nasdaq Soars 4% and Bitcoin Rises Too Exceed $22,000

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Nasdaq Soars 4% and Bitcoin Rises Too Exceed $22,000
Nasdaq Soars 4% and Bitcoin Rises Too Exceed $22,000 (PIxabay)

While the Nasdaq surged more than 4%, the cryptocurrency market, including Bitcoin, also surged all at once.

According to CoinMarketCap, a global coin market relay site, as of 7:57 am on the 28th, the price of bitcoin is trading at $22,280, up 8.38% from 24 hours ago. Bitcoin is trading between a high of $22,986 and a low of $28,890.

The reason Bitcoin soared today is because the US stock market rallied all at once, with the Nasdaq rising more than 4%.

On the New York Stock Exchange last night, the Dow rose 436.05 points, or 1.37%, to 32197.59. The Standard & Poor’s (S&P) 500 surged 102.56 points (2.62%) to close at 4023.61. The Nasdaq Index closed at 12,032.42, up 469.85 points (4.06%). The daily increase is the largest since April 2020.

The stock market rallied in relief on the day, supported by a more-than-expected rate hike by the US Federal Reserve (Fed) and remarks by Fed Chairman Jerome Powell at a press conference. At the next meeting, Fed Chairman Powell left open the possibility of a rate hike, noting that the rate could eventually be slowed.

The Fed’s monetary policy-making body, the Federal Open Market Committee (FOMC), after a two-day meeting, unanimously raised rates by 75 basis points (bp, 1 bp = 0.01 percentage point) to 2.25 to 2.5%.

At the same time, on the virtual currency exchange Upbit, Bitcoin recorded 30.2 million won, up 6.39% from the previous day. Ethereum is trading at 2147,000 won, up 10.87% per 1 ETH (Ethereum unit).

Ada is trading at 671 won per 1ADA (Ada unit), up 7.19%. Ripple traded at 474 won per 1XRP (Ripple unit), up 5.10% from the previous day.

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I am a contributor to Advancetec.co.uk. I am fascinated by technology overall, especially crypto and it's potential to disrupt the global financial system. But until that future comes, I am perfectly content immersing myself in gaming, movies, gadgets, and all of the other wonders of the modern world.