Bitcoin · Federal Reserve (FED) · Kevin Warsh · Donald Trump · Jensen Huang · The Block
Bitcoin, ether swing after unanimous quarter-point Fed rate hike as Warsh takes aim at inflation
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Bitcoin and ether whipsawed on Wednesday after the U.S. Federal Reserve unanimously raised interest rates by a quarter percentage point, the central bank's first rate hike in more than three years.
Key facts
- Bitcoin (BTC) traded between roughly $75,000 and $76,500 immediately following the decision and was changing hands near $75,600 at the time of publication
- XRP (XRP) gained about 1.5%, and Solana (SOL) rose 1%, while Zcash (ZEC) stood out with a 6.5% gain
- The Federal Open Market Committee voted 12-0 to raise its target range for the federal funds rate to 3.75%-4%
- Lewis Huang, an analyst at crypto exchange Bitget, said bitcoin could absorb more of the immediate shock than equities, noting that BTC moved roughly four times as much as the S&P 500 on the previous
Summary
Bitcoin and ether whipsawed on Wednesday after the U.S. Bitcoin (BTC) traded between roughly $75,000 and $76,500 immediately following the decision and was changing hands near $75,600 at the time of publication. The Federal Open Market Committee voted 12-0 to raise its target range for the federal funds rate to 3.75%-4%. Warsh was hawkish in his opening remarks, saying that the economy appears to be strengthening and that financial conditions are not particularly tight. "I would be hard-pressed to describe broad financial conditions as restrictive," Warsh said, adding that the view was widely shared by the committee.