Federal Reserve confirms rate hike, US stocks rise, BTC and ETH rebound, Lido surges over 40%

The Federal Reserve officials on Wednesday unanimously agreed to raise the federal funds rate to the range of 2.25-2.5%. However, after the meeting, the U.S. stocks rose, with The Wall Street Journal attributing it to Chairman Powell's lack of specific information on future interest rate hikes and hinting at a slower pace of rate hikes. Bitcoin saw a nearly 10% increase in the past 24 hours, while Ether rose by almost 15%; at the time of writing, they were at 23138 and 1644 respectively.

The officials of the Federal Reserve in the United States unanimously agreed on Wednesday to raise the federal rate to the range of 2.25-2.5%. However, after the meeting, the U.S. stock market rose. The Wall Street Journal pointed out that this was due to Chairman Powell not providing specific information on future interest rate hikes and hinting at a slower pace of rate increases. Bitcoin rose by nearly 10% in the past 24 hours, while Ether rose by nearly 15%; at the time of writing, they were at 23,138 and 1,644, respectively.

Powell stated that the rate hikes have been rapid and substantial, but the economy may still be experiencing the full impact of the rate hikes, so there may be additional significant tightening measures. However, it is still uncertain whether the rate hike in September will be slowed down by 0.5 or 0.25 percentage points. Powell also hinted that the Federal Reserve is unlikely to slow down the pace of rate hikes simply because of a slowdown in growth. Powell mentioned that the Federal Reserve does not believe that an economic recession is a necessary condition for reducing inflation.

With the U.S. stock market rising after the Federal Reserve meeting, the cryptocurrency market saw a rebound, with almost all of the top 10 cryptocurrencies by market capitalization experiencing over 10% growth in the past 24 hours, with ETH, DOT, and MATIC showing a 14-15% increase. Over the past 30 days, MATIC has seen the largest increase of nearly 70%, and ETH has also increased by 39%.

Among the top 100 cryptocurrencies by market capitalization, the Ethereum staking protocol Lido Finance saw a nearly 50% increase in the past 24 hours, with a total increase of 272% over the past 30 days. The Lido Finance governance community is discussing how to accept a premium acquisition of LDO from the venture capital firm Dragonfly to assist in its bear market operations.