Bitcoin Survives First Fed Rate Hike in 3 Years, Zcash Explodes Again: Market Watch

Several altcoins have marked major gains today, which is rather unexpected given yesterday's rate hike and CLARITY Act's failure.

Bitcoin’s expected price volatility ahead of and after the FOMC meeting indeed took place, with the asset posting a few major moves, but it has overall survived the first rate hike in three years, currently trading above $76,000.

The altcoins are also well in the green today, with SOL touching $100 and ZEC exploding by over 14%.

BTC Above $76K as the Dust Settles

The current business week was expected to be a big one for the cryptocurrency industry, and it was quite eventful, even though it’s far from over. At the end of the previous one, BTC plunged to $76,000 after the release of the CPI data, before it suddenly rocketed to almost $80,000, where it was rejected and driven south to $77,000. It spent the weekend there and dipped again on Monday to $76,500.

However, the bulls went on the offensive later that day and pushed the cryptocurrency to $79,500. Another rejection followed as the market braced for the upcoming cloture vote on the CLARITY Act. The Senate vote ultimately failed, and BTC went from $77,250 to a month low of $75,000 in minutes.