Bitcoin reaches $23,700 as Fed raises interest rates by 25 basis points Bitcoin reaches $23,700 as Fed raises interest rates by 25 basis points
The Fed announces a 25 bps hike, Bitcoin goes to $23,700 following the news.
1 min read
Updated: February 1, 2023 at 9:47 pm
Cover art/illustration via CryptoSlate
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The Federal Reserve raised interest rates by 25 basis points (bps) following the Feb. 1 meeting of The Federal Open Market Committee (FOMC).
This brings the Federal Funds Rate to 4.5-4.75%.
Bitcoin reacted with an immediate 1.2% swing to the upside, topping at $23,700 on the 21:45 (UTC) 5-minute candle.
At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is up 3.61% over the past 24 hours. BTC has a market capitalization of $458 billion with a 24-hour trading volume of $26.77 billion. Learn more ›
Bitcoin On-Chain Analysis
Market summary
At the time of press, the global cryptocurrency market is valued at at $1.08 trillion with a 24-hour volume of $54.67 billion. Bitcoin dominance is currently at 42.43%. Learn more ›
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