Fed Interest Rate Hike Inspires Gorilix, Polygon and Uniswap to Rally

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Gorilix (SILVA), Polygon (MATIC) and Uniswap (UNI) each saw their prices rise strongly on Wednesday, July 27. Analysts credit the uptick to the US Federal Reserve’s decision to raise interest rates 75 basis points. The good news is not entirely unmixed, however.

On its face, the latest interest rate hike is a boon to buy-and-hold crypto investors, who stand to benefit as the world’s largest central bank continues its policy of quantitative tightening in response to continued inflationary pressure on the US dollar. As dollars issued by the Fed become more expensive to borrow, cryptocurrencies have an opportunity to emerge as increasingly attractive investments. 

But not all cryptocurrencies are poised to respond positively to the Fed’s rate hike. Established tokens like Bitcoin (BTC) saw a jump in price on the news that the rate increase was imminent, but failed to sustain that momentum after the decision was formally announced. The industry’s most widely held coins may be too exposed to the negative economic factors affecting the dollar’s value to present themselves as compelling alternatives. Several growing players in the crypto market, however, have continued to rally on Wednesday’s announcement.

Gorilix has emerged as a particularly interesting alternative to the often-overhyped first wave of DeFi platforms, though the second round of its presale is still ongoing. Its roadmap is predicated on helping investors borrow and lend prudently and with an eye to value, and its liquidity-based reward scheme offers the same incentive to save that the Fed has moved to prop up. SILVA has leapt more than 15% in the last 24