Bitcoin Stands Firm at $76,000 Amid Fed Rate Hike

Bitcoin held steady above $76,000 on Friday morning as cryptocurrency markets absorbed the US Federal Reserve's first interest rate increase since 2023. The quarter-point hike had been widely anticipated, and the Fed's projections suggested only one further quarter-point increase this year.

The relatively muted response from crypto markets was in line with expectations, given that higher rates would typically present a headwind for speculative assets such as cryptocurrencies. Bitcoin subsequently gained around 0.9% over 24 hours to $76,621 during Thursday's US session as equities also rallied.

Zcash stole the spotlight with a 23% surge to around $1,369 following comments from Paradigm co-founder Matt Huang, who disclosed that the crypto investment firm owns Zcash and discussed its potential role as a privacy-focused complement to Bitcoin.