Bitcoin continued trading slightly higher around $29,300 after the Federal Reserve raised interest rates by 25 basis points to a range of 5.25-5.50%, as widely expected. The move had little effect on traditional markets too, with major US stock indexes staying moderately lower.
Meanwhile, some altcoins saw big gains led by Origin Protocol’s OGN token surging 28%. Also advancing were Compound’s COMP up 16.8%, Convex Finance’s CVX up 9.7%, and Solana’s SOL up 6%.
On the downside, Lido DAO’s LDO fell 5% and AMP’s AMP plunged 13%.
In his press conference, Fed Chair Jerome Powell said no decisions were made yet on future rate hikes or pauses. He stressed the data-dependent approach going forward. Powell added the Fed no longer expects a recession, unlike previous months. This briefly knocked Bitcoin down $150 before quickly rebounding.
Overall, crypto markets took the anticipated rate hike in stride, with Bitcoin holding steady while some altcoins rallied. The Fed’s flexible stance and improved growth outlook helped stabilize prices.
