Bitcoin Holds Firm Around $76K Amid Hawkish Fed Tone
Bitcoin hovered around $76,000 after the Federal Reserve's rate hike. The central bank raised interest rates by 25 basis points for the first time since 2023. This decision was accompanied by a hawkish tone from Fed Chair Kevin Warsh, suggesting further tightening may follow.
Ahead of this move, Bitcoin and Ethereum funds saw combined outflows of nearly $592 million in a single day. Despite this, the cryptocurrency market showed resilience, with BTC trading at $76,431 and Ethereum at $2,436.
Prateek Gupta from Mudrex noted that the initial rally gave way to losses as the Fed's hawkish tone took hold. The crypto market is now looking beyond the rate hike towards the trajectory of monetary policy.