L2 and DeFi tokens lead market rally as Fed rate nerves ease
- —Bitcoin rose 2.1% since midnight UTC and trades at $78,208
- —STRK +18%, ARB +17%, UNI +13% — the top gainers in 24 hours
- —DeFi Select Index added 8.3%, and 16% over 24 hours
- —US 10-year Treasury yield fell below 5%, Brent below $103
Why it matters: The rotation of capital into L2 and DeFi tokens signals a return of risk appetite after the shock of the Fed rate hike.
Source: CoinDesk