Cryptocurrencies have rebounded following the announcement of a 75 basis point hike by the US Federal Reserve. With US inflation topping 8.6% in May 2022, the Fed yesterday made the most aggressive rate hike in 28 years.\nBitcoin (BTC), the largest cryptocurrency by market capitalization, is up 5.7% in the last 24 hours and is currently hovering around $21,400, according to data from CoinMarketCap. Ethereal (ETH), the second largest cryptocurrency, has gained 10.9% in the last 24 hours and is currently changing hands for around $1,140.\nThe global cryptocurrency market capitalization rose 6.76% to $921.5 billion in the last 24 hours, according to data from CoinMarketCap.\nAside from Bitcoin and Ethereum, Solarium (18.12%) and Moles (11.50%) (20.61%) have also recorded double-digit gains in the last 24 hours.\n\nHowever, those gains have not been enough to offset losses from the recent cryptocurrency crash, with Bitcoin down 30% in the week and Ethereum down 37% in the same period. Bitcoin is down more than 68% from its all-time high of $69,000 recorded in November 2021; Ethereum has lost 76% from its all-time high of $4,891 in the same month.\n\nMore than 406 million dollars have been liquidated in the crypto market in the last 24 hours, according to data from glass coin.\nEthereum leads the liquidations with $160 million liquidated, closely followed by Bitcoin with $131 million and Solana with $8.8 million during the same time period.\nDeFi activity crash\nRegardless of today's price rally, on-chain activity across blockchains remains stagnant.\nAccording to DefiflameTotal Value Locked (TVL) across all blockchains is down 2.2% in the last 24 hours.\nTotal value locked in DeFi protocols. Image: DeFi Llama\nTVL on Ethereum fell 2.55% to $49.3 billion over the last day. Tron leads the gains on TVL, up 3.66% over the same time period.\nOverall NFT trading volumes across Ethereum, Solana, Binance Smart Chain, and Flow are down at least 10% in the last 24 hours, according to data from CryptoSlam.\nOutside of the crypto market, stock markets around the world are in the red during trading hours today. The UK FTSE Index is down 1.45%, Germany's DAX Index is down 2.08%, France's CAC Index is down 1.63% and India's Sensex Index is down 1 .66%.\nDo you want to be a crypto expert? Get the best of Decrypt straight to your inbox.Get the biggest crypto news stories + weekly recaps and more!