Bitcoin · Federal Reserve (FED) · Kevin Warsh · Donald Trump · Bitcoin Magazine
Bitcoin Price Wobbles Before Settling After Fed Raises Rates
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Bitcoin's price is down over the past week after traders had bet that the central bank would hike interest rates.
Key facts
- The leading cryptocurrency was recently priced at nearly $75,813 after dropping as low as $75,355 in the hour after the U.S. central bank gave its decision to increase the benchmark federal funds
- Bitcoin’s price swung before settling largely unmoved over a 24-hour period after the Federal Reserve hiked interest rates, as expected, for the first time since 2023
- The decision we made today was a sober decision, serious decision, responsible decision, one that we have been preparing for and thinking about in my 110 or 120 days here,” Warsh said
- Over a seven-day period, the coin is down nearly 4%
Summary
Bitcoin’s price swung before settling largely unmoved over a 24-hour period after the Federal Reserve hiked interest rates, as expected, for the first time since 2023. The leading cryptocurrency was recently priced at nearly $75,813 after dropping as low as $75,355 in the hour after the U.S. central bank gave its decision to increase the benchmark federal funds rate to a range of 3.75% to 4%. Over a seven-day period, the coin is down nearly 4%. Traders had bet there was a more than 90% chance that the Fed would raise interest rates ahead of its September meeting.