Bitcoin Soars Above $29K as Fed Rate Hike Unleashes Bull Market

• Bitcoin has surged above $29,000 after the US Federal Reserve raised its interest rate.
• The SEC decided not to include a definition of digital assets in its latest hedge fund ruling.
• WallStreetBets token (WSB) has been launched on Binance’s blockchain platform and is now available for trading.

Bitcoin Price Surge After Fed Rate Hike

Bitcoin has pushed above $29,000 following the U.S. Federal Reserve’s 25 basis point interest rate hike on Thursday, with some analysts speculating on a strong break to the upside after over a month of trade in a narrow wedge. The move over $29,000 came a few hours after the Fed hike as a report indicated another U.S. bank failure could soon be at hand. Crypto services provider Matrixport has said that if Thursday’s rate rise proves to be the last of this cycle, bitcoin could rally 20% to $36,000. Despite trading volumes declining slightly, the “path higher sees only limited resistance,” Matrixport said in a research note on Thursday. The end of the recent earning season will see stock buybacks restart, which will “continue to be a tailwind for stocks and risk assets,” the note added.

SEC Decides Against Digital Asset Definition

The U.S. Securities and Exchange Commission (SEC) decided not to include a definition of digital assets in its latest hedge fund ruling, in what could have been a sign of positive intent toward clearer regulation of the crypto sector. The SEC had included the definition of assets that “use distributed ledger or blockchain technology,”in its 2022 proposal to overhaul mandatory disclosures for hedge funds but has now pulled that wording . The agency said it is “continuing to consider this term and [is] not adopting ‘digital assets’ as part of this rule at this time.” Anne-Marie Kelley, a former SEC official and now partner at Mercury Strategies suggested that commission may have deleted it as “any recognition of digital assets’ uniqueness weakens their litigation stance that digital assets are securities.”

WallStreetBets Token Available For Trading

The WallStreetBets token (WSB), which is linked with Reddit’s popular wallstreetbets forum community ,has been launched on Binance’s blockchain platform and is now available for trading . According to CoinDesk ,the token was created by FTX exchange along with Wallstreetbets community members who are also referred to as “degen traders”. WSB tokens are based on Binance Smart Chain (BSC) protocol and each unit represents one vote in decisions made by Wallstreetbets regarding charitable donations from future proceeds generated from sales or listings related activities . According to FTX CEO Sam Bankman-Fried ,the token launch was successful despite concerns about potential manipulation due to low liquidity .

Crypto Market Overview

Despite current market conditions ,crypto markets remain relatively stable compared with previous years . Bitcoin continues leading crypto markets with prices hovering around the $28k mark while Ether remains volatile around $1k level . Other cryptocurrencies such as XRP and Litecoin have seen some gains recently but remain relatively flat overall . Additionally ,several altcoins have seen significant growth over past months including Aave and Dogecoin both gaining more than 300 percent year-to-date while Cardano up nearly 200 percent since beginning 2021 .


Overall ,cryptocurrency markets continue experiencing bullish sentiment despite recent volatility triggered by news surrounding US Fed interest rates hikes . Although major coins like Bitcoin are still holding steady near all-time highs ,altcoins remain volatile indicating potential opportunities for investors looking capitalize short term gains while keeping an eye out for long term trends when making decisions regarding positioning their portfolios moving forward