Bitcoin Shrugs as the Fed Hikes Rates for the First Time Since 2023

A Hike Everyone Saw Coming

The Federal Reserve just raised interest rates by 25 basis points to a range of 3.75%-4%, marking its first hike since 2023. The move comes as an oil shock tied to the war in Iran keeps complicating the inflation picture, and Fed officials are already signaling more tightening could be on the way.

Here's the surprising part: Bitcoin barely reacted, holding steady near $76,000 even as US stocks whipsawed lower on the news. Traders on crypto derivatives desks say the hike was already priced in well before the announcement.

More Hikes, More Pressure

Goldman Sachs is now penciling in another 25 basis point hike for October, and President Trump wasted no time firing off criticism at his own hand-picked Fed chair over the decision. Meanwhile, on-chain data from Glassnode shows Bitcoin has slipped just under its short-term "true market mean" near $76,700, and a second close below that level could open the door to a slide toward $71,300.

For now, though, the market's mood is calm, not panicked. Whether that holds through October's meeting is the real question.