Crypto Markets Hold Ground Despite Fed Rate Hike

Crypto markets are holding steady after the Federal Reserve's expected rate hike on Wednesday. Sector leader Bitcoin has seen some movement, trading slightly higher than its value from 24 hours ago and half a percentage point up from morning levels, according to data from CoinGlass. Other top coins have also gained ground.

The market had dipped on Tuesday following news that the Senate blocked an industry-friendly bill, setting up this week's rate decision as the next key driver of price action. Analysts at Glassnode argue that higher interest rates would make risky assets like crypto less attractive, but say a rate hold wouldn't have loosened the tight backdrop currently facing Bitcoin.

Bitcoin is roughly flat on a 24-hour trailing basis, with some analysts suggesting that the market has already priced in the rate hike. The Federal Reserve's decision to raise rates as expected has had little impact on crypto markets so far, but it remains to be seen how the sector will react in the coming days.