Bitcoin's value sees a marginal uptick following the anticipated hike in the Federal Reserve's interest rates.

Bitcoin’s price saw a slight uptick following the anticipated 25-basis-point increase in the US Federal Reserve’s interest rates. The Federal Open Market Committee’s meeting resulted in the federal funds rate target range being set at 5.25% to 5.5%.

On the evening of July 26, the leading cryptocurrency’s value rose by 0.9% to $29,480 (as per CoinGecko). BTC has remained within a tight range of $29,000 to $31,500 for over a month.

This latest decision by the Federal Reserve marks the 11th interest rate hike in 17 months, following a brief pause in June. The central bank issued a warning about elevated inflation and reiterated its commitment to bringing it down to the targeted 2%.

Federal Reserve Chairman Jerome Powell mentioned during a press conference that further rate increases might be considered in September if deemed appropriate.

Additionally, I would like to mention that we might adopt a cautious approach during this meeting. We intend to make a thorough evaluation, as I previously stated, at each subsequent meeting,” Powell elaborated.

Regarding the stock market indices, right after the announcement, Nasdaq experienced a decline of 0.3%, the S&P 500 showed a modest increase of 0.1%, and the Dow Jones Industrial Average recorded a gain of 0.4%.