Bitcoin Roars Back to $87K as Crypto Markets Defy Fed Rate Hike
Crypto markets made significant moves this week, with Bitcoin (BTC) reaching an eight-month high near $87K. This came despite a Federal Reserve rate hike and the defeat of the CLARITY Act in the Senate within 24 hours of each other.
After facing a dip to around $75,000 following the Fed's decision, BTC broke decisively above $81,000 on September 18. The real move started on September 21, with a rally from a Sunday close near $81,159 straight through $86,000 and finally reaching $87,397 in a single session.
Roughly $750 million in short positions were liquidated as BTC cleared the $82,000 resistance zone that had capped every rally attempt since August. The SEC issued a five-year Innovation Exemption allowing eligible platforms to trade tokenized U.S. equities directly on public blockchains just days after the CLARITY Act's collapse.
Other assets also saw significant price action, with Ether (ETH) pushing toward $2,700 and XRP jumping 9% in a day to reclaim $1.60 for the first time since February.