Bitcoin Steadies at $76K Amid Fed's First Rate Hike Since July 2023
The Federal Reserve's decision to raise interest rates by 25 basis points has sparked a mixed reaction in markets. On September 16, the FOMC unanimously voted to increase the benchmark federal funds rate to 3.75%-4%, ending a stretch of stable rates since July 2023.
Bitcoin, however, took the news in stride, remaining firm near $76,000 and even posting modest daily gains. The largest cryptocurrency by market cap seemed unfazed by the Fed's hawkish posture, which was described as 'unacceptable' by Fed Chair Kevin Warsh.
The median dot plot suggests one more potential 25 basis point hike before year-end, indicating that the committee is not viewing this as a one-and-done move. Energy costs have been a sticky component of inflation throughout 2026, and easing oil prices provided some relief for the Fed.