Business Standard

Crypto wrap: Markets rally on expectation of softer stance from US Fed

Bitcoin crossed the $ 20,000 mark, and Ethereum was above the $ 1,500 mark for the first time since it concluded "Merge" in September

An advertisement of Bitcoin, one of the cryptocurrencies, is displayed on a building in Hong Kong, on Nov. 18, 2021. (AP Photo/Kin Cheung, File)
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AP Photo/Kin Cheung, File

Raghav Aggarwal New Delhi
The cryptocurrency market in the past week showed signs of a slight recovery. On early Friday, the total crypto market capitalisation (m-cap) hit the $1 trillion mark. Bitcoin, the largest cryptocurrency by m-cap, crossed the $ 20,000 mark, and Ethereum was above the $ 1,500 mark for the first time since it concluded "Merge" in September, market data showed.

Experts told Business Standard that the current rise in the crypto prices was due to the expectations that the Federal Reserve (Fed) might soften its stance in fighting inflation due to the rising fears of recession.

"The crypto market cap reclaimed

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First Published: Oct 28 2022 | 4:16 PM IST

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