Crypto Market Rebounds After Fed Rate Hike

The crypto market rebounded after the Federal Reserve's widely expected 25-basis-point rate hike on September 17. Bitcoin recovered above $76,000 as several major cryptocurrencies moved higher.

CryptoQuant analyst Crypto Dan pointed out that falling Bitcoin UTXOs in loss may reduce the risk of a return to a full bear cycle. He noted that similar declines during previous market cycles were not simply short-term rebounds but linked with the end of bearish phases and the start of bullish cycles.

The Fed's rate hike was largely anticipated by traders, who had put the chances of a 25-basis-point hike at 92.7% before the announcement. This allowed the market to respond more to what was already known than to the hike itself.