The virtual asset market is showing signs of a partial rebound following the volatility that emerged immediately after the U.S. Federal Reserve's base rate hike. As Bitcoin and Ethereum rose together, some altcoins such as Solana climbed even more sharply, drawing attention to whether risk appetite is returning to the market.

■ Bitcoin up 1.3%, Ethereum 3.3%, Solana 4.3%

According to the market data provided, Bitcoin (BTC) rose 1.3% to $76,785.50, while Ethereum (ETH) climbed 3.3% to $2,470.79. Solana (SOL) gained 4.3% to $101.28, showing relatively strong momentum among major virtual assets. However, market volatility remains high.

The Fed raised its base rate by 0.25 percentage points on the 16th. Following the Fed's tightening move, an estimated $345 million in forced liquidations reportedly occurred in the virtual asset derivatives market. Of this, short position liquidations amounted to about $208 million and long position liquidations to about $137 million.

Despite sharp price swings, some altcoins maintained strong momentum. Zcash (ZEC) recorded double-digit gains as overall market volatility expanded, showing relatively pronounced movement, though the rate of increase varies depending on the time of tally and the exchange.

■ SEC opens a 'limited' path for trading tokenized securities

On the regulatory front, the U.S. Securities and Exchange Commission's (SEC) moves are drawing market attention. The SEC introduced a temporary and conditional 'Innovation Exemption' that allows tokenized U.S. NMS stocks to be traded on-chain under certain conditions.

This differs from a comprehensive approval of all digital securities trading. It is closer to a narrowly tailored regulatory exception allowing qualified 'Tokenized Securities Venues' to trade tokenized NMS stocks using licensed automated market makers (AMMs) and liquidity pools.

The measure also draws attention because it came right after the CLARITY Act, a virtual asset market structure bill, failed a procedural vote in the U.S. Senate. On the 15th, the CLARITY Act failed to secure the 60 votes needed to advance deliberation in the Senate. According to Reuters, the vote was 50 to 49, and the bill has made no further progress.

While comprehensive virtual asset regulation at the congressional level has been stalled, individual institutional adjustments centered on regulators such as the SEC continue. In particular, the creation of a limited regulatory pathway for trading tokenized stocks could become a variable in the future blockchain-based securities trading market. However, as it is a temporary exception, it should not be interpreted as a full U.S. endorsement of tokenized securities.

■ Remaining variables: Fed tightening pressure and altcoin spread

The market trend cannot yet be considered fully stable. Although Bitcoin and Ethereum are rebounding and some altcoins are posting higher gains, the Fed's rate hike has once again increased monetary policy pressure. The Fed raised its target range for the base rate to 3.75–4.00%, and the possibility of further hikes remains a market variable.

Ultimately, the virtual asset market currently sits in a period where the Fed's tightening burden and changes in U.S. tokenized securities rules are simultaneously at play. In the short term, key points to watch include whether Bitcoin holds its level in the upper $70,000s, whether the relative strength of altcoins such as Ethereum and Solana continues, and whether liquidation volumes in the derivatives market expand again.

In particular, with recent altcoin gains outpacing Bitcoin's, whether this movement spreads to other assets accompanied by trading volume is cited as a variable that will gauge the market's short-term direction.

[Virtual assets are highly volatile, and this article is for informational purposes only and does not constitute investment advice. The final judgment and responsibility for investments rest with the investor. AI assisted with some sentence composition and data organization, and the reporter reviewed and edited the content.]