Bitcoin and Ether hit three-week highs
Crypto markets rallied this week after Federal Reserve Chair Jerome Powell hinted that the next rate hike would be smaller than the mega hikes seen in recent months.
“The time to slow the pace of rate hikes could come as early as the December meeting,” Powell said in a speech at the Brookings Institution on Wednesday.
The Federal Reserve has hiked interest rates by three-quarters percent in four consecutive meetings, the steepest rise in at least 40 years. The hikes, aimed at cooling the economy and thereby fighting rising inflation, have hurt stocks and crypto assets this year.
According to CME FedWatch, futures on federal funds are now pointing to an 80 percent probability of a half percent hike at the next Fed meeting on Dec. 14.
Ether and bitcoin hit three-week highs on Wednesday, briefly topping $1,300 and $17,200, respectively.
BTC Price + ETH Price, Source: The Defiant Terminal
Fantom’s FTM and Yuga Labs’ APE were among the top gainers of the week, up 32% and 22%, respectively.
Binance’s BNB token and Ripple’s XRP are the only tokens with a top 10 market cap to fall in value over the past week, down about 4% each.
XRP Price + BNB Price, Source: The Defiant Terminal
UNI and AAVE lead DeFi higher
Looking ahead to DeFi, two blue-chip protocols posted strong gains. Uniswap’s UNI token is up nearly 10% over the past 24 hours and up 18% over the past week as the community considers a proposal to test second-order effects from monetizing the protocol. Aave is up nearly 12% over the past week.
UNI soars after proposed vote on ‘fees switch’
The pilot program would divert 10% of trading fees from three liquidity pools into Uniswap’s treasury
Other DeFi tokens that are up 20% or more over the past week are GMX, JOE, RPL, and RBN.
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