Bitcoin
Bitcoin Holds Near $76,000 Following 25-Basis-Point Federal Reserve Rate Hike
Crypto markets showed steady trading even as the US central bank lifted interest rates for the first time since 2023 and projected further tightening.
Bitcoin traded around $76,663 on Wednesday, gaining 1.35% over 24 hours despite the US Federal Reserve's unanimous decision to raise benchmark interest rates by 25 basis points to a target band of 3.75% to 4%. The increase marked the central bank's first rate hike since 2023 in an ongoing effort to rein in persistent inflation.
While traditional US equities retreated following the decision, crypto markets remained steady. Cooper Duschang, a research analyst at Talos, observed that digital assets had largely priced in the policy adjustment beforehand. Federal Reserve Chair Kevin Warsh indicated that inflation remains elevated alongside economic resilience, with updated projections revealing that 16 of 18 committee officials anticipate another rate increase before the end of the year.
Market internal data indicated shifting dynamics beneath the stable headline price. According to Talos, perpetual futures experienced net selling of approximately $82 million in Bitcoin and $68 million in Ether within an hour of the release. However, this derivative selling pressure was counterbalanced by roughly $15.5 million in net spot buying on Bitcoin exchanges.
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