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The European Central Bank (ECB) increased interest rates by another 75 basis points on Thursday. To achieve its 2% medium-term inflation target, the ECB anticipates raising interest rates even higher. The U.S. Dollar Index (DXY) spiked higher, causing the crypto market&#39;s volatility to rise, before declining later. After the ECB raised interest rates, the prices of the two biggest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), both increased by over 1%.<h2 id="header-0">After the European Central Bank (ECB) raises rates by an additional 75 basis points, Bitcoin and Ethereum values are still robust.</h2>The European Central Bank (ECB) increased interest rates by another 75 basis points on Thursday. To achieve its 2% medium-term inflation target, the ECB anticipates raising interest rates even higher. The U.S. Dollar Index (DXY) spiked higher, causing the crypto market&#39;s volatility to rise, before declining later. After the ECB raised interest rates, the prices of the two biggest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), both increased by over 1%.Macro Improved Despite the US GDP Report and the ECB Rate HikeOn October 27, the ECB&#39;s Governing Council increased the interest rate by an additional 75 basis points. The ECB is confident that the third consecutive rate increase of 75 basis points will prompt inflation to return to the medium-term inflation objective of 2%. Additionally, starting on 23 November 2022, the council changed the interest rates that would apply to TLTRO III, or targeted longer-term refinancing operations. It will assist in providing banks with voluntarily early repayment dates.With effect from 2 November 2022, the interest rates on the main refinancing operations, the marginal lending facility, and the deposit facility will all be raised to 2.00%, 2.25%, and 1.50%, respectively.The ECB boosted interest rates despite concerns about a recession, which caused the U.S. Dollar Index (DXY) to decline. In contrast, the U.S. Q3 GDP came in higher than predicted at 2.6%. After registering negative GDP growth for the previous two quarters, this is the biggest GDP growth since Q4 of 2021. preventing the United States from formally entering a recession. Elon Musk previously stated that while the U.S. economy is actually doing strongly, Europe and China run the risk of experiencing a recession.Prices of Bitcoin and Ethereum skyrocketAs the macro situation improved, prices in the larger crypto market continued to rise. The price of Bitcoin (BTC) increased by more than 1% in one hour, and is currently trading at $20,708. The price of Ethereum (ETH) has increased by over 2% in the past hour and by 4% over the past 24 hours. ETH is currently worth $1,551.Nearly 1% growth was also seen in XRP, Cardano, Solana, and Polygon, among other altcoins. While the prices of Shiba Inus and <a href="https://www.coingabbar.com/en/crypto-currency-news-english/cryptocurrencies-will-rise-twitter-accepts-crypto-payments" rel="noopener noreferrer nofollow">Dogecoin</a> have increased by 4% and 2%, respectively, in the last hour.At the FOMC meeting on November 2, the Federal Reserve will make its rate hike announcement. The CME FedWatch Tool estimates that there is a 91.5% chance of a 75 bps rate increase.Will the price of Bitcoin and Ethereum sustain after a quick rally?

Bitcoin, Ethereum rise After ECB Rate Hike

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