Network Observes Large Whale Movement; TAG Heuer Watches to Display NFTs

Chart of the Day 

Federal Reserve chair Jerome Powell announced a 75 basis point rise in interest rates on Wednesday — the largest increase since 1994 — and implied another 175 basis points of tightening this year to combat inflation. The broader crypto market fell immediately after the release of the FOMC minutes, but soon spiked up as investors have already braced themselves for the drastic turn. As of the time of writing, the largest cryptocurrency by market cap is consolidating gains near the $22k level after rising by 4.3% in the last 24 hours. The spent output value band, an on-chain metric that tracks coin movement by value, shows that high institutional movement has been observed over the last two days, with entities holding more than 10k BTC deploying capital to and off exchanges. Meanwhile, miners have sent a net $1.94 billion worth of BTC to exchanges during the same period.