![The Fed made the expected 25bps hike, both gold and Bitcoin surged on the news – highest correlation in 6 months](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/01/bitcoin-Insights-2.jpg&w=70&h=37&q=75)
Quick Take
- On Feb. 1, the Fed hiked an expected 25bps — taking the fed funds target to a range of 4.5% to 4.75%.
- Chair Powell acknowledged that inflation had “eased somewhat.” However, it remains “elevated,” and “the committee anticipates that ongoing increases in the target range will be appropriate.”
- Bitcoin and Gold surged on the news — Bitcoin broke $24,000 while Gold sits above $1,950.
- Bitcoin and Gold have a 97% correlation with one another — the highest in 6 months.
![Bitcoin/Gold: (Source: TradingView)](https://cryptoslate.com/wp-content/uploads/2023/02/BTC.jpg)