Bitcoin Stays Unmoved Despite Fed's 25bp Rate Hike

The Federal Reserve raised its benchmark interest rate by 25 basis points amid concerns over persistent inflation. This marks the first increase since 2023. The Fed's Federal Open Market Committee (FOMC) set the target range for the federal funds rate at 3.75%-4.00% on June 16. In a statement, the central bank noted that inflation remains elevated. Among 18 officials surveyed in the Fed's economic projections, 16 anticipate at least one more rate hike this year. CoinTelegraph reported that Bitcoin (BTC) showed limited immediate reaction to the rate decision. The full impact of the Fed's move and potential further hikes on the crypto market requires additional confirmation.