Bitcoin Tumbles Below $76K as Federal Reserve Raises Interest Rates

Bitcoin (BTC) price plummeted below $76,000 after the Federal Reserve's decision to raise interest rates for the first time in over a year. The rate hike of 25 basis points brought benchmark rates into the 3.75-4% range.

The Fed's policy shift marked the end of a three-year period of accommodative monetary policy, where rates were either reduced or kept unchanged between meetings.

Traditional US stock markets showed resilience despite the rate hike, with the S&P 500 rising 0.9% and the Nasdaq Composite Index surging 1.5%.

CryptoQuant's Bull Score Index declined from 80 to 60, indicating a shift towards bearish sentiment in the market. The index serves as a metric for monitoring Bitcoin price cycles.