TLDR
- Bitcoin recovered above $76,000 after briefly falling toward $75,000 following the Fed decision.
- The Federal Reserve raised rates by 25 basis points, marking its first rate increase in three years.
- Bitcoin faced additional pressure after the Senate failed to advance the CLARITY Act.
- Ethereum, BNB, XRP, DOGE, and other major altcoins recorded daily gains.
- Solana approached $100, while Zcash surged more than 14% above $1,350.
Bitcoin (BTC) price traded above $76,000 on Thursday after a volatile reaction to the Federal Reserve’s latest policy decision. The central bank raised rates by 25 basis points on Wednesday, its first increase since 2023. Bitcoin briefly fell toward $75,000 before recovering to about $76,500.
The move followed several sharp swings earlier in the week. Bitcoin reached $79,500 on Monday before selling pressure returned. The failed Senate vote on the CLARITY Act then pushed the asset toward a monthly low near $75,000. The recovery kept Bitcoin above that low as Thursday trading developed.
Fed Rate Hike Drives Short-Term Volatility
The Federal Open Market Committee approved the increase with a unanimous 12-0 vote. The new target range stands at 3.75% to 4%. Traders had expected the decision, which limited the size of Bitcoin’s reaction after the announcement.
A recent market report showed about $15.5 million in net Bitcoin spot buying after the decision, while derivatives markets faced heavier selling. Around 2,170 BTC moved onto exchanges before later withdrawals reached about 1,260 BTC. US spot Bitcoin ETFs also recorded about $296 million in net outflows on September 16.
Major altcoins also moved higher as the wider crypto market recovered. Ethereum gained more than 1.5% and traded near $2,450. BNB rose by a similar amount near $725, while Solana approached the $100 level.
Zcash posted the strongest move among major tokens, rising more than 14% to above $1,350. NEAR also gained strongly, while CRO, UNI, DOT, ENA, ONDO, and PUMP traded higher. RAIN moved against the trend and fell nearly 8%. XRP, TRX, DOGE, LINK, and HYPE also posted daily gains.
Crypto Market Cap Returns Above $2.6 Trillion
The total cryptocurrency market value increased more than 1% over 24 hours to about $2.61 trillion. Bitcoin’s market value recovered to roughly $1.53 trillion, while its market dominance eased to 58.7%. The change showed broader gains across several large-cap cryptocurrencies.
Attention now remains on price stability after the rate increase and recent policy uncertainty. Bitcoin has held the $76,000 area despite repeated tests below that level. The market will continue tracking Fed policy, ETF flows, and broader risk demand after this week’s sharp moves during the next several trading sessions.
The post Bitcoin Survives Fed Rate Hike as Altcoins Rally appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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