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Federal Reserve chair Jerome Powell announced a 75 basis point rise in interest rates on Wednesday — the largest increase since 1994 — and implied another 175 basis points of tightening this year to combat inflation. The broader crypto market fell immediately after the release of the FOMC minutes, but soon spiked up as investors have already braced themselves for the drastic turn. As of the time of writing, the largest cryptocurrency by market cap is consolidating gains near the $22k level after rising by 4.3% in the last 24 hours. The spent output value band, an on-chain metric that tracks coin movement by value, shows that high institutional movement has been observed over the last two days, with entities holding more than 10k BTC deploying capital to and off exchanges. Meanwhile, miners have sent a net $1.94 billion worth of BTC to exchanges during the same period.
ETH's key support near $1,000 held its ground under immense selling pressure. The second-largest cryptocurrency by market cap is inching back to the $1,200 level after posting a 5% increase in the last 24 hours. ETH will likely accelerate its gains if it breaks above the next major resistance level sitting near the $1,280 region. In a similar vein, most major altcoins boast a strong recovery, with SOL and TRX leading the pack with a more than 20% increase in a similar time frame.
Despite concerns of a crypto winter drawing near, TAG Heuer has become the latest brand in the luxury sector to foray into the crypto space. Shortly after the introduction of crypto payments on its U.S. website, the Swiss luxury watchmaker has taken another step toward connecting with the NFT space by allowing users to display their prized digital possession on the face of their smartwatch. The NFT functionality is being added to the new Connected Calibre E4 smartwatches. Users can securely connect to their crypto wallets and change the watch's digital face to showcase their NFT artworks.