Crypto Markets Rally After Federal Reserve Rate Hike
- The Federal Reserve increased interest rates by 25 basis points, marking the first hike since early 2023, with a new target range of 3.75% to 4.00%.
- Bitcoin rose to $76,902, while Ethereum increased by +1% to $2,440 and Solana gained +3% reaching $100.
- Altcoins such as ZEC, NEAR, LIT, and VVV saw double-digit gains with NEAR leading at +18%.
- The U.S. House Financial Services Committee advanced a bill for a Strategic Bitcoin Reserve with a vote of approval at a party-line split of 28-21.
- Circle’s Arc chain reported over $400 million in volume on its debut day.
Following the Fed’s rate hike announcement, major cryptocurrencies rebounded as investors showed confidence in the market’s resilience despite monetary policy changes. Altcoins demonstrated significant strength with notable gains across various tokens.
The advancement of the U.S. Strategic Bitcoin Reserve bill highlights growing institutional interest in Bitcoin. Meanwhile, Circle’s Arc chain debut indicates robust activity within blockchain networks (Source).
