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By Jimmy He

U.S. Federal Reserve Governor Christopher Waller said he supports hiking interest rates by 75 basis points in July, alleviating some fears of a 100 basis-point raise.

Bitcoin surged in Thursday trading after Federal Reserve Governor Christopher Waller said he supported an interest rate hike of 75 basis points (0.75 percentage point) in July, easing fears of a larger 100 basis-point raise to combat high inflation.

The largest cryptocurrency by market capitalization was trading at around $2,680, up 4.8% in the past 24 hours.

 

Traders of Federal funds on the CME exchange now see a 56% likelihood that the Federal Reserve will raise the target interest rate by 75 basis points to a range of 2.25%-2.5% this month. A day earlier, the odds were seen at 20% after an unusually hot Consumer Price Index reading for June prompted traders to shift their bets to a 100 basis-point increase.

VGX, the native token of bankrupt crypto lender Voyager Digital, tripled in price over three days in a short squeeze, reaching a high of 95 cents on July 13. An unknown firm named MetaFormLabs contributed to VGX’s rally, tweeting about a “#PumpVGXJuly18” plan with a $5 target price point for July 18.

“That’s an ambitious goal considering Voyager’s problems. Besides, crypto pump schemes have a bad reputation for being exit strategies for whales and scammers and trapping retail investors on the wrong side of the market,” CoinDesk’s Omkar Godbole reported.

 

VGX has since slumped back to around 46 cents, down 52% from its Wednesday high.

Most altcoins were in the green, with Uniswap’s UNI token leading market gains. UNI spiked 21% over the past 24 hours after being added to broker Robinhood’s crypto listings.

Polygon’s MATIC token spiked 19% after the Ethereum scaling tool was selected to participate in Disney’s 2022 Accelerator program.

Ethereum rose 10% as the network’s ninth shadow fork went live amid testing for its upcoming Merge.

Latest prices

●Bitcoin (BTC): $20,571 +4.9%

 

●Ether (ETH): $1,192 +11.1%

 

●S&P 500 daily close: 3,790.38 −0.3%

 

●Gold: $1,707 per troy ounce −1.5%

 

●Ten-year Treasury yield daily close: 2.96% +0.06

 


Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the COMEX spot price. Information about CoinDesk Indices can be found at coindesk.com/indices.

Original Article – Coindesk

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