Bitcoin Price Holds Steady After Fed Raises Rates for First Time Since 2023

The Bitcoin price wobbled on Wednesday after the Federal Reserve raised interest rates for the first time since 2023. The leading cryptocurrency dropped to $75,355 in the hour following the decision, but quickly rebounded to nearly $75,813.

Over a seven-day period, the coin is down nearly 4%. Traders had anticipated the rate hike and likely made trades ahead of the meeting. This means that Bitcoin's reaction to the news was relatively muted.

Federal Reserve Chair Kevin Warsh emphasized that price stability in the U.S. is the central bank's top priority. He highlighted that inflation remains too high and that underlying trends have not improved meaningfully.