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Total crypto market cap shows strength even after the Merge and Federal Reserve rate hike

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Cryptocurrencies have been in a bear trend since mid-August after they failed to break above the $1.2 trillion market capitalization resistance.

Even with the current bear trend and a brutal 25% correction, it has not been enough to break the 3-month-long ascending trend.The crypto markets' aggregate capitalization declined 7.2% to $920 billion in the 7 days leading to Sept.

21. Investors wanted to play it safe ahead of the Federal Open Markets Committee meeting, which decided to increase the interest rate by 0.75%.

By increasing the cost of borrowing cash, the monetary authority aims to curb inflationary pressure while increasing the burden on consumer finance and corporate debt.

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