Bitcoin Bounces as Markets Brace for the Fed’s Next Move
Bitcoin traded near $76,300 and barely moved after the Federal Reserve raised rates by 25 basis points to 3.75%–4%, a hike widely expected by markets. Wall Street reacted more sharply, with stocks falling and Treasury yields briefly hitting multi-year highs earlier in the week, though those pressures eased by Thursday as yields and oil retreated. Crypto sentiment was neutral, with total crypto market value around $2.63 trillion and the Fear and Greed Index at 50. Zcash was the standout, surging to a multi-year high after major investors publicly backed it as a privacy-focused asset. ZEC has massively outperformed Bitcoin over the past month and year. Elsewhere, gains were modest: BNB and Solana rose, while XRP lagged after a crypto bill failed in the Senate. About $373 million in crypto liquidations hit the market over 24 hours, mostly from short positions. The Fed’s next meeting is set for Oct. 27–28.
