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: Aug. 4, 2023 at 6:35 pm UTC
Federal Reserve / Public Domain. Remixed by CryptoSlate
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.
Bitcoin Market Data
At the time of press 6:35 pm UTC on Aug. 4, 2023, Bitcoin is ranked #1 by market cap and the price is down 0.1% over the past 24 hours. Bitcoin has a market capitalization of $568.35 billion with a 24-hour trading volume of $11.4 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 6:35 pm UTC on Aug. 4, 2023, the total crypto market is valued at at $1.17 trillion with a 24-hour volume of $27.5 billion. Bitcoin dominance is currently at 48.63%. Learn more about the crypto market ›
Author 
Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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