Bitcoin Retakes $80,000 After Fed Rate Hike Selloff

Bitcoin (BTC) pushed above $80,000 as U.S. markets opened Friday, recovering the ground it lost after this week's Federal Reserve rate increase.

Key Points:

• Bitcoin crossed $80,000 at the U.S. open after sliding toward $75,000 earlier in the week.
• Shares of Strategy, Coinbase and Circle climbed between 5% and 8% alongside the coin.
• The Federal Reserve raised rates a quarter point Wednesday, its first increase in more than three years.

Bitcoin Retakes $80,000

The advance picked up speed as the U.S. session began, live coverage of crypto trading showed. Hours earlier the coin had changed hands just below $78,000, after touching $75,972 during Thursday's U.S. hours and recovering the whole of that overnight drop. The total value of the crypto market rose 2% to roughly $2.66 trillion.

Crypto equities moved with it, as Strategy gained 7.5% in early trading, Coinbase rose 5.5% and Circle, which issues the USDC (USDC) stablecoin, added 5.7%.

Two events had knocked the market lower earlier in the week, starting when the Senate refused to advance the Digital Asset Market Clarity Act on Sept. 15, rejecting the procedural motion 49-50. The Fed then lifted its target range by a quarter point to 3.75% to 4%, its first increase since July 2023. The Bank of Japan followed overnight, lifting its own benchmark rate to a 31-year high.