Ethereum and altcoins on the rise Fed raises interest rates by 0.25 percentage points Powell ��There is no recession�� Read the market [Edaily Correspondent Choi Hoon-gil] The coin market is recovering. As Federal Reserve Chairman Jerome Powell exhorted the market, saying that the US economy is strong, both the New York Stock Exchange and the coin market showed an upward trend. Federal Reserve Chairman Jerome Powell. (Photo = AFP) ��Bitcoin, Ethereum, Altcoins on the rise According to CoinMarketCap, a cryptocurrency market site on the 17th, at 7:30 a.m. on the same day, Bitcoin reached $41,066, up 3.85% from the previous day. It faltered below $40,000 and then crossed $41,000. Ethereum rose 5.00%. Altcoins (non-Bitcoin coins) also showed an upward trend, such as Ada by 3.09% and Avalanche by 4.08%. On the same day, based on domestic Upbit, Bitcoin recorded 50.35 million won, up 3.50% from the previous day, breaking the 50 million won mark. The ��digital asset psychology index�� provided by Dunamu, which operates Upbit, recorded ��neutral�� at 49.82 as of the 16th. This is higher than the previous days index (43.40, neutral), indicating that investor sentiment is on the way to recovery. This index is for 111 digital assets listed on the Upbit KRW market before February 2021. A value of 0 indicates a contraction of the market as ��very fear��, and a value of 100 indicates a boom in the market as ��very greed��. According to Coinwords, a cryptocurrency mining information site, the Bitcoin hash rate recorded 219.08 EH/s on the 16th (as of 10 pm). It is higher than the previous day (189.83 EH/s), and is lower than the recent high on the 12th of last month (266.94 EH/s). Hash rate refers to the computational processing power mobilized to mine Bitcoin. In general, the higher the hash rate, the higher the difficulty of mining, the lower the supply, and the higher the possibility that the price of Bitcoin will rise. The top three U.S. indices are also on the rise. U.S. stock markets also rose sharply. The Dow Jones Industrial Average closed at 34,063.10 on the 16th (local time), up 1.55% from the previous trading day. The S&P 500 index rose 2.24% to 4357.86. The Nasdaq Composite rose 3.77% to close at 13,436.55. The Russell 2000 Index closed 3.14% at 2030.72. According to the results of the March Federal Open Market Committee (FOMC) regular meeting in March, the Fed announced that it would raise interest rates by 0.25 percentage points to 0.25-0.50%. It is the first time in three years and three months since December 2018 that the base rate has been raised. Of the 16 members of the FOMC, 5 predicted the base rate hike 7 times (1.75% to 2.00%) this year. Chairman Powell exhorted the market, stating several times that ��the US economy is still strong,�� while citing the uncertainty of the Ukraine crisis and the upside risk of inflation. He added that such austerity would not lead to a recession. ��The tightening of the currency means the Fed believes the economy is on a strong footing,�� said Mike Rowengart, managing director of investment strategy at Etrade.