Fed Hikes Rates, Bitcoin Jumps as Market Anticipated Move

The Federal Reserve raised interest rates by 25 basis points to a range of 3.75% to 4%, its first hike since 2023, after traders had priced in a 93% chance of the move.

The vote was backed by all 12 members of the Federal Open Market Committee, with the decision following through on what major banks had forecasted.

Bitcoin spiked briefly in the minutes after the decision, reaching $76,000 before reversing to around $75,100. The broader crypto market lost around 2.18% on the day.