Bitcoin coils near $76.5K as US stocks rebound from Fed rate hike
Bitcoin made modest daily gains as US stocks saw upside in the aftermath of the US Federal Reserve’s first interest-rate hike since July 2023.
Bitcoin prices rose slightly as US stocks recovered following the Federal Reserve's first interest rate hike since July 2023. BTC traded near $76,500 on Thursday as investors bought up US stocks after recent declines. TradingView data indicated that Bitcoin's price volatility had decreased over the past 24 hours, with limited moves toward current liquidity.
US equities saw gains on the day, with the S&P 500 Index and tech-heavy Nasdaq Composite Index up 0.9% and 1.5%, respectively. The Fed increased benchmark interest rates by 25 basis points to 3.75-4%, marking its first hike since July 2023 and signaling an end to three years of rate cuts.
CryptoQuant, an onchain analytics platform, noted that macro conditions are a hurdle to Bitcoin's previous rebound of 25% in August. The Bull Score Index, which tracks BTC price cycles, had dropped from 80 to 60, indicating fading US demand, rising altcoin inflows, and the delay of the CLARITY Act, among other factors, suggesting consolidation near $70K and $62K–$65K.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- What the Fed's rate hike reveals about Warsh, Trump and inflation cbsnews.com
- Wall St rises as oil slide offers respite after Fed rate hike brecorder.com
- Wall St climbs as easing oil prices offer reprieve after Fed rate hike investing.com
- Warsh wins credibility with Fed rate hike: 5 takeaways thehill.com
- U.S. equities rebound as the Fed delivers its first rate hike in three years seekingalpha.com
