Morning Minute: Crypto Rebounds After The Fed’s First Hike Since 2023

GM!

Today’s top news:

• Crypto majors are green after FOMC’s rate hike; BTC at $76.4k
• Alts soar double digits led by ZEC, NEAR, LIT and VVV
• House advances the U.S. Strategic Bitcoin Reserve bill
• Circle’s Arc chain sees $400M+ volume in debut
• Robinhood Chain and Stonk eco leaders rebound along with alts

$79.2k$78.0k$76.7k$75.5k

24h HighHigh$76,683

24h LowLow$75,161

VolVol$1.1B

Market projectionsOdds by Myriad

📈 Crypto Rebounds After The Fed’s First Hike Since 2023

The Fed raised rates 25 basis points on Wednesday to a 3.75% to 4.00% target range, its first hike in more than three years. The vote was unanimous. During Kevin Warsh’s press conference that followed the decision, he noted that the economy is resilient, the labor market is strong, but inflation is too high and has been for too long.

Odds of 2 more rate hikes by end of 2026 jumped to 40% in the aftermath, up from 10% just a week ago. The stock market did sell off in the wake, with the Dow falling 600 points and the 10-year jumping to 5.02%, though stock futures are very green pre-market.

As for crypto, well, it briefly shrugged then rebounded. Bitcoin sat at $75,700 immediately after, and has since ground higher to $76,300. ETH and SOL were both green at $2,430 and $100, respectively. Hyperliquid was up 1% as well at $80.