This Week in Crypto: Crypto Higher Despite Rate Hike

BTC Soars after Federal Reserve Raises Federal Funds Rate Bitcoin (BTC-USD) prices are sharply higher over the past 24 hours following the U.S. Federal Reserve's decision to raise interest rates by 75 basis points. The largest cryptocurrency by market capitalization has been lingering in the $20,000 to $23,000 range for more than ten days and is now consolidating around $23,000. In its latest report, Glassnode highlights that BTC accumulation by shrimp accounts (wallets that hold less than 1 BTC) has increased substantially. Initially triggered by the Terra implosion, the accumulation now equates to roughly 156,000 BTC.