The US Federal Reserve raised its benchmark interest rates by 25 basis points on Wednesday for the first time in three years, in a unanimous 12-0 decision. The new target range for the federal funds rate now stands at 3.75 to 4 percent, driven by strong labor market data and persistent inflation. Bitcoin’s price surged by roughly $1,500 to reach $76,500, a move suggesting the hike had been priced in by the market. The asset had experienced a sharp decline the day before following the Senate’s failure to pass the CLARITY Act.
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