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Today’s Cryptocurrency Headline

Cryptocurrency-investigations firm Chainalysis is forming a subsidiary that provides “solutions” to the U.S. government to expand the blockchain tracker’s multi-million dollar business with the U.S. military, federal investigators and police forces. According to government documents, Chainalysis’ government business is worth tens of millions. Chainalysis was valued at $14 billion last year.

BingX’s Bitcoin Chart

Source: TradingView & BingX

The Federal Reserve has hiked interest rates by another 75 basis points. After the 0.75% increase, U.S. interest rates are now between 2.25% and 2.5%, the highest levels seen since the beginning of the COVID-19 pandemic. Bitcoin is up 7.7% over the last 24 hours and rose to an intraday high of $23,115.00. The largest cryptocurrency surged alongside the equities markets as the 75 basis point rate hike is in line with market expectations. The 20-day exponential moving average (EMA) ($21,944) has flattened out, and the relative strength index (RSI) is above the midpoint, indicating that bulls have a slight edge. For now, the bulls will attempt to push the BTC/USDT to the overhead resistance at $24,000.

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