Bitcoin's price is down over the past week after traders had bet that the central bank would hike interest rates. Bitcoin’s price swung before settling largely unmoved over a 24-hour period after the Federal Reserve hiked interest rates — as expected — for the first time since 2023. The leading cryptocurrency was recently priced at nearly $75,813 after dropping as low as $75,355 in the hour after the U.S. central bank gave its decision to increase the benchmark federal funds rate to a range of 3.75% to 4%. Traders had bet there was a more than 90% chance that the Fed would raise interest rates ahead of its September meeting. Major Bitcoin trades therefore likely happened before Wednesday.
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