The market this morning

Fed delivers first rate hike since 2023; Bitcoin swings, trades near $76,000

By Crypto Info News

Good morning. The Federal Reserve raised interest rates by a quarter point on Wednesday, its first hike in more than three years. The Block reported the decision was unanimous, and that Bitcoin and ether whipsawed as it landed. Decrypt reported that Bitcoin spiked on a move Wall Street had almost unanimously priced in. The two accounts describe the same event from different angles; readers weighing the day should note both the swing and the spike.

The tone came from the top. Chair Kevin Warsh took aim at inflation, according to The Block. Decrypt reported that Warsh credited President Trump's economy while ignoring his rate-cut wishes entirely, implying, in Decrypt's framing, that Trump was only half right.

Bitcoin stood at $76,146.81, up 0.74% over 24 hours, with a market capitalisation of roughly $1.53 trillion. Ether was at $2,415.96, up 0.77%. Among the majors, BNB gained 1.91% to $725.37 and XRP rose 1.17% to $1.30. The dollar-pegged tokens held their line: USDT at $0.9994 and USDC at $0.9997.

Washington pulled in two directions. Decrypt reported that a crypto tax bill cleared a House committee after a setback on the Clarity Act; the measure would exempt qualifying crypto fees from gain-or-loss calculations. On market structure, the CLARITY Act stalled in the Senate, per The Block, though Cointelegraph reported that Digital Sovereignty Alliance managing director Adrian Wall said senators from both parties are weighing another attempt during the lame-duck session. Regulators, meanwhile, signalled they will not wait: The Block reported CFTC Chair Mike Selig said his agency is "locked in and ready to ship its rules." Separately, the SEC proposed rescinding Rule 14a-8, which it said exceeds its statutory authority, and the UK's FCA published authorization guidance ahead of a September application window, Cointelegraph reported.

Security was the day's sharpest edge. CoinDesk reported that hackers demanded $3 million in Monero from Revolut, gave the firm 24 hours, and said they had targeted customers with significant crypto holdings.

On the plumbing, Decrypt reported that Bitcoin Core 32.0 has entered final testing with faster block checks, and Chainalysis said it now automatically supports Arc, an EVM-compatible Layer 1 built for stablecoin finance.

What to watch: whether the Senate revisits CLARITY in the lame-duck session, how Revolut responds before its deadline, and whether the demand Glassnode calls missing returns.