Fed Hike Ignites Surprise Bitcoin Price Surge

The US Federal Reserve has raised interest rates by 25 basis points for the first time in three years. The decision, made unanimously by the Committee, increases the target range for the federal funds rate to 3.75-4 percent.

This move was widely anticipated due to recent strong US labor reports and inflation data. The hike is in support of the Fed's dual mandate.

BTC surprisingly surged by $76,500 after the announcement, contradicting some market expectations. This price increase may indicate that the Fed's hike was already priced into the market.