Crypto markets stage mini rally with both ETH and BTC rising slightly in value following the FED Rate hike amid weakened on-chain user activity so let’s read more today in our latest cryptocurrency news.

The crypto markets stage mini rally following the announcement of the 75 basis point hike by the US FED. With the inflation in the US soaring past 8.6% the FED made the most aggressive rate hike in 28 years. BTC as the largest cryptocurrency by market cap increased 5.7% in the past day and it is now hovering near the $21,400 according to the data from CoinmarketCap. Ethereum as the second biggest cryptocurrency gained 10.9% in the past day and it is now changing hands for $1140. The crypto market cap increased by 6% to $921 billion in the past day according to the data from CoinMarketCap.

Apart from BTC and eTH, Solana also increased by 18% and DOT by 11% posting double-digit gains in the past day. However, the gains were not enough to offset the losses from the recent crypto crash with BTC declining 30% on the week and ETH being down 37% in the same period. BTC is down ver 68% from the ATH of $69,000 back in 2021 and Ethereum dropped 76% from its ATH of $4891. Over $406 million were liquidated in the market over the past day according to the data from CoinGlass and ETH leads the liquidation with $160 million being liquidated, followed by Bitcoin with $131 million and Solana with $8.8 million in the same timeframe.

No matter today’s price rally, the on-chain activity across blockchains remained stagnant. The total value locked on all blockchains is down 2.2% in the past day and the overall NFT trading volume on Solana, Binance Smart Chain, Flow and Ethereum are also down by almost 10%. outside of the market, the stock markets are also in the red after today’s trading hours and the UK FTSE index is also down 1.45%.

As recently reported, Amid the ongoing crash on the crypto markets, the popular BTC Fear and Greed index crashed into the extreme fear territory and the metric is at its lowest position after the COVID crash. The markets took a massive turn for the worse and at that time, BTC was riding high to $50,000 with the community wondering if it will be able to breach the level and head for a new high.