Crypto Market Turns Bullish on Fed’s Decision to Accelerate Tapering

Crypto Market Turns Bullish

Layer-one Coins including Avalanche, Kadena, Fantom, and Terra has recorded a double-digit jump after the decision by the Federal Reserve to accelerate tapering.

Kadena, a proof-of-work token layer-one token, has gained the highest at 21.6%. Avalanche follows at 15.4%, while Terra and Solana surged 10.1% and 9.9% respectively.

Bitcoin and ether have also shown a bullish momentum but less than the altcoins. The market sentiment has turned bullish following the Federal Reserve meeting.

The US Central Bank conducted its last Federal Open Market Committee in the year on Wednesday and said it is expecting three interest rates hikes next year.

The institution’s Chairperson, Jerome Powell, notes that tapering would be increased to $30 billion per month from the current $15 billion.

The Central bank’s balance sheet has increased by 100% from $4 trillion to $8 trillion from the beginning of last year.

Source: Cryptobriefing

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