Bitcoin Surges 13% After Fed Rate Hike

Bitcoin's price surge continues to be a topic of interest among market observers. The cryptocurrency was up approximately 13% from its value on September 16, the day the Federal Reserve raised its target interest rate range by a quarter percentage point. At that time, Bitcoin traded at around $75,600.

Fast forward to October 2, and the snapshot shows Bitcoin's price had risen to about $85,500, resulting in the significant increase. However, it is essential to note that this comparison does not necessarily imply a direct causal link between the Fed's decision and the cryptocurrency's price movement.

The Fed's policy committee voted unanimously (12-0) to raise its target range from 3.75%-4%. Bitcoin's closing prices on September 16 were listed at either $76,150.32 or $75,633.1, which would result in a smaller increase than the approximate price comparison.

The next scheduled meeting of the Fed is set for October 27-28.