Bitcoin Defies Rate Hike Jitters with Record-Breaking Price Surge

The Bitcoin market has shown resilience despite the Federal Reserve's recent interest rate hike. The 25-basis-point increase to 3.75%-4.00% target range for the federal funds rate did not dampen enthusiasm in the crypto market, but rather became a key driver of volatility in mainstream asset prices.

The House Financial Services Committee passed the Strategic Bitcoin Reserve Act on Wednesday evening, which boosted the market and led to significant price surges in Bitcoin, Ethereum, and altcoins. However, traditional crypto-related stocks showed mixed performance, with Strategy Inc. (MSTR.US) down 2.64% and Bitmine Immersion Technologies Inc. (BMNR.US) down 3.35%.

According to data compiled by Woofun AI, over $330 million in funds were liquidated in the past 24 hours, with $185 million of bearish short positions unwound. Bitcoin's open interest rose by 0.68%, and smart money sentiment has turned extremely bullish.