Bitcoin Surges Past $65K as Fed Pause Triggers Volatility

Following the Federal Reserve's decision to hold interest rates steady, Bitcoin briefly surged past $65,000 to a daily peak of $65,100 before facing selling pressure. It settled around $64,700, pushing its market cap to $1.3 trillion and keeping it on track for an over 10% gain in July.

Bitcoin touched $65,100 shortly after 9 a.m. EST on Thursday, continuing a gradual recovery triggered by the Federal Reserve's decision to leave interest rates unchanged. However, immediate post-announcement trading saw increased volatility, with the asset dipping to $63,199 before mounting a steady advance to a session high of $65,100.

Despite lower intraday volatility relative to the preceding 24-hour period, market leverage experienced notable forced unwinding. Liquidations across the broader crypto ecosystem exceeded $243 million over the past day, driven primarily by long liquidations totaling over $143 million.