Bitcoin Holds Above $76,000 After Fed Rate Hike as Altcoins Rally
Key Takeaways
- •The Federal Reserve raised interest rates by 25 basis points in a unanimous 12-0 vote, setting the new target range at 3.75% to 4% in its first increase since 2023.
- •Bitcoin briefly slid toward $75,000 after the rate decision before recovering to roughly $76,500, following an earlier retreat from a Monday high of $79,500 as the Senate failed to advance the CLARITY Act.
- •US spot Bitcoin ETFs recorded approximately $296 million in net outflows on September 16, while spot markets saw roughly $15.5 million in net Bitcoin buying after the Fed decision.
- •Zcash led altcoin gains with a surge of more than 14% to above $1,350, as Ethereum, BNB, and Solana also advanced alongside a broad market recovery.
- •Total cryptocurrency market capitalization rose more than 1% over 24 hours to about $2.61 trillion, while Bitcoin's dominance eased to 58.7%.
Bitcoin (BTC) traded above $76,000 on Thursday after a volatile reaction to the Federal Reserve's latest policy decision. The central bank raised rates by 25 basis points on Wednesday — its first increase since 2023 — and Bitcoin briefly slid toward $75,000 before recovering to roughly $76,500. Rate decisions of this kind draw close attention across crypto markets because they shape the liquidity conditions that drive demand for risk assets.
The swings followed a turbulent stretch earlier in the week. Bitcoin climbed to $79,500 on Monday before selling pressure resurfaced. The Senate's failure to advance the CLARITY Act — a US market-structure bill aimed at clarifying how digital assets are regulated — then pushed the asset toward a monthly low near $75,000. As Thursday's session progressed, the recovery kept Bitcoin above that level.
Fed Rate Hike Drives Short-Term Volatility
The Federal Open Market Committee approved the increase unanimously in a 12-0 vote, setting the new target range at 3.75% to 4%. Traders had largely anticipated the decision, which limited the scale of Bitcoin's reaction to the announcement.
Market data pointed to a mixed response across segments. A recent market report showed roughly $15.5 million in net Bitcoin spot buying after the decision, while derivatives markets saw heavier selling. Around 2,170 BTC moved onto exchanges before withdrawals of about 1,260 BTC followed. Meanwhile, US spot Bitcoin ETFs recorded approximately $296 million in net outflows on September 16 — a flow metric widely tracked as a gauge of institutional demand for Bitcoin exposure.
Altcoins Post Broad Gains
Major altcoins advanced as the broader crypto market recovered. Ethereum gained more than 1.5% to trade near $2,450. BNB rose by a similar margin near $725, and Solana approached the $100 level.
Zcash delivered the strongest performance among major tokens, surging more than 14% to above $1,350. NEAR also gained strongly, while CRO, UNI, DOT, ENA, ONDO, and PUMP traded higher. XRP, TRX, DOGE, LINK, and HYPE likewise posted daily gains. RAIN moved against the trend, falling nearly 8%.
Crypto Market Cap Returns Above $2.6 Trillion
The total cryptocurrency market capitalization increased more than 1% over 24 hours to about $2.61 trillion. Bitcoin's market value recovered to roughly $1.53 trillion, although its market dominance eased to 58.7% — a shift that reflected broader gains across several large-cap cryptocurrencies. That ratio is watched as a gauge of whether capital is concentrating in Bitcoin or spreading across the altcoin market.
Attention now turns to price stability following the rate increase and the recent policy uncertainty surrounding the CLARITY Act. Bitcoin has defended the $76,000 area despite repeated tests below it. Over the coming sessions, the market is expected to keep tracking Fed policy, ETF flows, and broader risk demand after this week's sharp moves.
Source: Blockonomi
