Bitcoin
Bitcoin Rebounds Above $76,000 as Markets Absorb Expected Federal Reserve Rate Hike
Anticipation of the central bank's quarter-point increase helped cushion digital assets against traditional headwinds, despite wider regulatory challenges.
Bitcoin advanced toward $76,138 following the Federal Reserve's unanimous 12-0 decision to lift benchmark borrowing costs by a quarter percentage point on Wednesday. Ahead of the announcement, interest rate futures had assigned a 92.7% probability to the rate increase, leaving traders prepared for the outcome. After dipping to $75,350 prior to the news, Bitcoin climbed above $76,100 within minutes and peaked near $76,500 after US market close.
The muted market reaction aligned with broader asset behavior, as gold briefly reached $4,360 before settling between $4,280 and $4,300. Scott Melker of Yahoo Finance’s Daily Wolf suggested that a definitive single hike could stabilize longer-term bond yields, provided central bank leadership avoided projecting an extensive tightening cycle. Nevertheless, updated Federal Reserve forecasts revealed that 16 of 18 policymakers now anticipate a subsequent increase this year, up from nine in June.
The broader digital asset sector had already encountered turbulence earlier in the week. The defeat of the CLARITY Act in the US Senate triggered over $300 million in leveraged liquidations across crypto markets, while US Bitcoin and Ether exchange-traded funds recorded $592 million in combined net outflows on September 15. Performance across major tokens remained divided, with Zcash gaining more than 20% over seven days as XRP registered declines.
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