Bitcoin Survives First Fed Rate Hike in 3 Years, Zcash Explodes Again: Market Watch

Bitcoin’s expected price volatility ahead of and after the FOMC meeting indeed took place, with the asset posting a few major moves, but it has overall survived the first rate hike in three years, currently trading above $76,000.

The altcoins are also well in the green today, with SOL touching $100 and ZEC exploding by over 14%.

BTC Above $76K as the Dust Settles

The current business week was expected to be a big one for the cryptocurrency industry, and it was quite eventful, even though it’s far from over. At the end of the previous one, BTC plunged to $76,000 after the release of the CPI data, before it suddenly rocketed to almost $80,000, where it was rejected and driven south to $77,000. It spent the weekend there and dipped again on Monday to $76,500.

However, the bulls went on the offensive later that day and pushed the cryptocurrency to $79,500. Another rejection followed as the market braced for the upcoming cloture vote on the CLARITY Act. The Senate vote ultimately failed, and BTC went from $77,250 to a month low of $75,000 in minutes.

It recovered to $76,000 on Wednesday as all eyes turned to the Fed. For the first time in three years, the US central bank raised the rates unanimously with a 12-0 vote. At first, BTC dipped to $75,000 before it shot up by $1,500. It failed there again, slipping by a grand before it rebounded and now sits at $76,500.

Its market cap has recovered to $1.530 trillion on CMC, while its dominance over the alts has retreated slightly to 58.7%.

ZEC Flies Again

Ethereum is up by just over 1.5% daily and sits close to $2,450. BNB has posted a similar increase, currently trading at $725. SOL has neared $100, while XRP, TRX, HYPE, DOGE, and LINK are also in the green. ZEC stands in a league of its own again. The privacy token has rocketed by over 14% and now trades above $1,350. In contrast, RAIN has plummeted by nearly 8%.

NEAR, CRO, PUMP, UNI, CC, DOT, ENA, and ONDO are well in the green among the larger-cap alts, with gains of up to 14.6% in the case of NEAR.

The total crypto market cap has increased by over 1% daily, and it’s up to $2.610 trillion on CMC.