At 8 a.m., Bitcoin was up 2.5% over the previous 24 hours to US$19,296. According to data from CoinMarketCap, while Ether increased 4.5% to US$1,630 in Hong Kong.
In advance of the network’s upcoming Merge, which is anticipated to happen in the middle of next week, Binance announced on Wednesday that it was offering Ethereum staking at a 6% annual percentage yield, or APY.
In the top 10 on CoinMarketCap, BNB, a token issued by Binance, saw the biggest gains, rising 6.3% to trade at US$278.95, while Solana increased by 6% to US$32.71.
U.S. stocks increased on Wednesday. The S&P 500 Index increased 1.8% while the Dow Jones Industrial Average increased by 1.4%. With a 2.1% gain, the Nasdaq Composite Index snapped a seven-day losing streak. Each of the three had their best trading day in about a month.
On Wednesday, Lael Brainard, the vice chairwoman of the Federal Reserve, said that while the Fed is committed to its strategy of raising interest rates to combat inflation, it is still reliant on the data and does not want to tighten policy excessively. In a speech delivered at a conference organized by The Clearing House and Bank Policy Institute, Brainard declared, “We are in this for as long as it takes to get inflation down.”
The next major data release on the rate of inflation in the United States is the August consumer price index on September 13, and traders have priced in a 76% chance of a 75 basis-point increase in interest rates at the Fed’s next meeting on September 20–21. Currently, interest rates in the US range from 2.25 to 2.5%.
