Bitcoin, Ether rally despite Fed raises interest rates for fourth time in 2022

Bitcoin BTCUSD, +1.34% jumped 9% over the past 24 hours, along with stocks’ rally, as the Federal Reserve Chairman Jerome Powell said that he doesn’t think the United States is in a recession. The Fed on Wednesday raised a key U.S. interest rate by 75 basis points, the fourth hike this year, in an aggressive bid to combat the hottest inflation in four decades. Ether ETHUSD, +2.13% rallied 16% to around $1,589, according to CoinDesk data. Most smaller coins are also in green. Binance Coin bnbusd advanced 10.3%, XRP XRPUSD, +1.21% rose 7.3%, and Solana SOLUSD, +0.43% gained 11.3%.