Bitcoin Sees Slight Uptick as Crypto Markets Dodge Rate Hike Shock

Crypto markets have maintained their calm demeanor despite the recent rate hike by the Federal Reserve. The benchmark interest rate was raised by 0.25 percentage points to 3.75-4.00%. Bitcoin, however, saw a slight uptick of 0.17% to $76,185.69 on the 16th (local time).

Ethereum dipped 0.06% to $2,411.94, contributing to a 0.15% reduction in the total cryptocurrency market capitalization, which now stands at $2.58 trillion.

Despite the rate hike being largely priced in, the broader market avoided an immediate sharp downturn. This stability is reflected in the crypto derivatives market, where total open interest surged by 9.66% to $466.63 billion. The 24-hour trading volume fell 11.44% to $837.93 billion.

Liquidations over the same period totaled $304.21 million, with short position liquidations exceeding long position liquidations. This suggests a simultaneous clearing of both long and short positions without significant price volatility.