Crypto markets rise after Fed’s first rate hike since 2023

Bitcoin climbed 0.88% over the past 24 hours to $76,621, leading a broad rally across crypto assets following the Federal Reserve’s 25‑basis‑point rate increase – the first since July 2023.

Fed outlook steadies market sentiment

The Federal Open Market Committee raised the target rate to 3.75%‑4.00% and signaled a median policy rate of 4.1% at the end of 2026 and 2027, implying only one more modest hike. The guidance eased concerns about a prolonged tightening cycle, prompting risk assets to rally. The Dollar Index slipped 0.17%, while Nasdaq‑100 futures rose 1.04% and gold gained 1.02%.

Broad‑based crypto gains

• Bitcoin up 0.88% to $76,621.
• Ether rose 1.1% to $2,444.
• Solana increased 2% to $100.57.
• 94 of the CoinDesk 100 constituents posted gains; the small‑cap CoinDesk 80 index rose 4.7%.

Zcash spikes on Paradigm stake disclosure

Zcash (ZEC) jumped 23% to a record near $1,369 after Paradigm co‑founder Matt Huang announced the firm’s ownership of ZEC and described it as a “private complement to Bitcoin.” Open interest in ZEC futures surged 37.84% to $2.2 billion, and the funding rate turned negative, indicating shorts were paying longs.

Derivatives and funding dynamics

Aggregate crypto futures open interest rose to $64.4 billion, with Bitcoin open interest up 1.41% to $26.6 billion and Ether open interest up 1.39% to $16.7 billion. Bitcoin funding remained positive at 0.0070%, while the long/short ratio across venues stood at 1.13, marking eight consecutive days of bullish bias.

Asset‑specific notes

• Privacy coin Monero slipped 0.97% to $494.
• Near Protocol surged 16% to $2.82.
• Venice Token recovered 14% to $25.45.
• Speculative tokens such as Pump.fun and Lighter saw double‑digit gains, reflecting renewed trader interest.

Fund flows remain negative

U.S. spot Bitcoin ETFs continued to lose assets, shedding $295.98 million on the latest day and bringing total outflows since early September to over $1 billion, with net assets now at $95.19 billion.