Bitcoin Surges Despite Fed Rate Hike Concerns
- The Federal Reserve raised its target range to a new level of 3.75%-4% on Sept. 16.
- Bitcoin increased from about $75,600 to $85,950 following the rate hike.
- The U.S. Treasury yield reached a high of 5.29% by Sept. 30, marking the highest point in years.
- Polymarket indicates a low probability (24.5%) for another rate hike at the Fed’s upcoming meeting on Oct.27-28.
Despite the Federal Reserve’s recent rate increase, Bitcoin has risen significantly in value, defying typical market expectations that higher yields would negatively impact non-interest-bearing assets like cryptocurrencies.
With Bitcoin climbing nearly $10,000 since the Fed’s decision and market analysts predicting further increases, attention now turns to the upcoming FOMC meeting for potential impacts on cryptocurrency markets.(Source)
