Fed hikes rates by 25 bps, but bitcoin rises: why it matters
- —Fed raised rates by 25 bps for the first time in three years, 12-0 vote
- —Spot BTC ETF outflows: $450 million on September 15 and $296 million on September 16
- —The market had priced in the rate hike with a probability above 90%
- —The yield on 10-year US Treasuries exceeded 5%
Why it matters: What matters most for bitcoin is not the Fed but Treasury yields, inflation and the labor market: if yields stabilize, pressure on BTC will ease.
Source: CryptoPotato