Bitcoin Rebounds After US Fed Rate Hike

Bitcoin rebounded after the US Federal Reserve raised its benchmark rate by a quarter percentage point to a target range of 3.75 to 4 percent, its first increase since 2023.

The price of Bitcoin climbed about 1.8 percent to near $77,977 on Friday, two days after the Fed's decision.

The rebound ran against the usual expectation that rate hikes would pressure speculative assets, and it coincided with large short liquidations across crypto markets.

More than $260 million in shorts were liquidated as the price touched $77,000, suggesting positioned traders rather than a change in fundamentals drove the immediate price path.