The European Central Bank (ECB) raised its key interest rates by 25 bps in its meeting on May 4, with the aim of bringing policy rates near the 2% target amid high levels of inflation. The ECB will maintain low levels for as long as necessary and will continue reducing the Eurosystem's asset purchase program portfolio. The crypto market reacted positively to the ECB rate hike, with Bitcoin price staying over $29,000 and Ethereum price jumping over $1,900. Traders may open positions for bullish prices after central banks hint at no aggressive rate hikes.

(By Varinder Singh)