Bitcoin Rises Above This Major Level Following Fed's Rate Decision; Here Are The Top Crypto Movers For Thursday

Bitcoin (CRYPTO: BTC), the world's most valued cryptocurrency, traded higher, climbing above the $19,000 level this morning after the US Federal Reserve raised interest rates by 75 bps at its September meeting. The second-most valued cryptocurrency, Ethereum (CRYPTO: ETH), meanwhile, traded below the $1,300 mark.

Timeline of Bitcoin

In a recent interview with Cointelegraph, hedge fund co-founder CK Cheng stated that as long as regulation provides institutional investors with a clear path for crypto investments, they will not back off/sell.

Bitcoin reversed below $20,000 once more after the sell-offs that followed the completion of the Ethereum Merge. With the decline, the digital asset had revisited lows not seen in three months, giving credence to the bears during this time.

The crypto markets have hit new monthly lows of US$910bn, mainly due to an Ethereum that can't seem to catch a post-Merge break. Now changing hands at US$1,270, ETH has slashed over 20% from its market cap in the past week alone, with the bulls and bears fighting it out in equal measure throughout Thursday morning's trade.

Shark Tank celebrity investor Kevin O'Leary reportedly says that policies will impact investments in the digital asset space as he shares his optimism that US policymakers will be supportive of crypto.

Despite the back-and-forth stance towards crypto in Russia, serval Russian departments have reached a consensus that Bitcoin mining should be legalized in areas rich in electricity.

Bitcoin and other major altcoins have displayed a correlation between macroeconomic factors and virtual currencies. After the August CPI data release, almost all the crypto assets started dropping.

According to this banking insider, the governments have it all wrong. Bitcoin is one of the least private assets out there, and they should change policies for the pendulum to swing the other way.

Bitcoin price struggled to clear the $19,500 resistance. BTC is currently (03:10 UTC) trading below $19,000. The fed rate hike to 3.25% increased selling pressure and now there is a risk of a move below the $18,000 level.

Major coins fell sharply on Wednesday evening as the global cryptocurrency market cap decreased 2.7% to $896.8 billion at 8:30 p.m. EDT. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin (CRYPTO: BTC) -2.5% -8.9% $18,444.58 Ethereum (CRYPTO: ETH) -6.4% -24.6% $1,242.58 Dogecoin (CRYPTO: DOGE) -2.8% -6.6% $0.06 Top 24-Hour Gainers (Data via CoinMarketCap) Cryptocurrency 24-Hour % Change (+/-) Price Celsius (CEL) +7% $1.55 Compound (COMP) +3.1% $56.3 XDC Network (XDC) +1.1% ​​$0.03 See Also: How To Get Free NFTs Why It Matters: Ethereum tumbled and Bitcoin fell sharply after the U.S. Federal Reserve issued the third consecutive 75 basis point interest rate increase on Wednesday.

The bitcoin mining industry has now grown to the point where it is being measured up against other similar industries that have been around for longer. However, the operations of the bitcoin mining firms to these established commodity-based firms are very different.