Bitcoin Surges Past $77K as Market Sees Fed Rate Hike as One-Off Move

Bitcoin (BTC) has broken through $77,000, extending its rally for the second day after a surprise rate hike by the Federal Reserve. As of September 18th at 1:30 p.m., Bitcoin was trading at $77,287, up 1.39 percent from the previous day according to Coin360. The price surge is part of a broader relief rally as risk-asset aversion eases.

The Fed's rate hike under the leadership of Chair Kevin Warsh has been interpreted by the market as a 'one-off measure'. This has led to increased gains for major coins, with Bitcoin leading the charge. Other notable gainers include Ethereum (ETH), up 1.9 percent to $2,474, and XRP, which rose 1.95 percent to $1.

The onchain platform NEAR has rebounded by more than 40 percent from its weekly low as expectations for a scheduled protocol upgrade were priced in. Zcash (ZEC) has maintained a double-digit rise due to steady institutional fund inflows since Grayscale's spot ETF 'ZCSH' was listed on August 25.