The cryptocurrency market capitalization has grown by 4.4% over the past day reaching $1.12 trillion, investment-oriented media outlet Tiprankes reported on February 3.

This happened against the background of the results of the meeting of the Federal Open Market Committee of the US Federal Reserve (FOMC). It was determined to raise the key rate range from 4.5% to 4.75% each year by 25 basis points.

Recent data revealed moderate gains in consumption and output. Insights claim that there is much more employment in the US today.

Meanwhile, the unemployment rate continued to decline. Although it decreased significantly, the current inflation rate was still rather high. In December 2022, the consumer price index (CPI) was 6.5% and core inflation fell to 5.7%.

In this regard, on the night of February 1-2, the price of the leading digital currency Bitcoin (BTC) hit $24,000 before a slight correction.

Source: TIPRANKS