Crypto price today: Bitcoin tops $22,000; Solana, Avalanche zoom up to 18%

economictimes.indiatimes.com:

Bitcoin and other major crypto tokens rebounded sharply on Thursday, marching in line with the equity markets, after the rate hike outcome of the US Federal Reserve. The Fed on Wednesday raised interest rates by 75 basis points or three-quarters of a percentage point. It is the biggest rate hike in 28 years, part of an ongoing effort to bring down soaring inflation. Barring the dollar-pegged USD Coin, the majority of the crypto tokens were trading with solid gains on Thursday. Solana zoomed about 18 per cent, whereas Tron rallied 15 per cent. Avalanche and Polkadot gained 10 per cent and 12 per cent, respectively.

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Fan tokens or sports crypto are digital assets that enable sports teams, leagues, clubs, associations and players to strengthen fan engagement.

The global cryptocurrency market cap moved up to the $961 billion mark, rising about 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume rallied about 26 per cent to $127.41 billion.What's cooking in IndiaWhen it launched in India with much fanfare two months ago, US crypto exchange Coinbase said it planned to triple its workforce in the country. Instead, it has now laid off about 8 per cent of its employees in India, or about one in 12. It isn’t surprising when you consider Coinbase’s share price is down an eye-popping 80 per cent since the start of the year, making Bitcoin’s 54 per cent drop look like a minor blip.Expert takeIn hopes of dampening inflation, the US Federal Reserve hiked benchmark interest rate, igniting fears of broader global ramifications, said CoinDCX Research Team. Noting some recovery from the world’s largest cryptocurrency, Bitcoin eased from an 18-month low as altcoins rallied