Bitcoin Gives Back Gains After Fed Rate Hike; ZEC Hits $1383

Bitcoin (BTC) rose to $76,499.99 shortly after the Federal Reserve's first interest rate hike since 2023 but gave back all gains within 30 minutes. Zcash (ZEC) was reported at $1,383.

The Federal Reserve announced on July 17 (KST) that it raised its benchmark interest rate by 0.25 percentage points, adjusting the target range to 3.75%-4%. The Federal Open Market Committee (FOMC) voted unanimously 12-0, with the median forecast for interest rates by end-2026 rising to 4.1% from June's 3.8%.

The Defiant reported that Bitcoin reached its peak five minutes after the Fed announcement before reversing course.