Cryptocurrency Rally is Getting Intense as U.S. Stock Market Plunges Due to Increase in Interest Rates

U.S. stocks have been on a decline since Wednesday, after the Feds have announced that they increased interest rates. In the mean time, crypto investors have been cruising through the digital currency market making Bitcoin reach weekly highs. Major stock indexes were on a decline. The Dow Jones decreased by 351 points, which made it reach its lowest price of the year at $23,323.66. The S&P 500 index decreased by 1.5% and settled at $2,506.95 which is the lowest it has been since September of 2017. Members of the Fed Reserve made their decision in raising interest rates for the fourth time this year. Many are speculating that the market will have just one upward spike in 2019.
In other news, U.S. home sales have increased, which creates optimism that the housing downturn is coming to a close. Sales of already owned homes, peaked 1.9% in November. In crypto news, the worst downward trend will be coming to a close, following a rally that has added $20 billion to the value of cryptocurrencies. Top digital currencies like Ethereum and XRP had huge rallies on Wednesday, as trading volumes doubled. Bitcoin cash was the biggest winner, prices increased 34% bringing it to a value of $134.24. Things are looking strong for the digital asset market, as we bring 2018 to a close.

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