Federal Reserve hikes rates as expected, Bitcoin rises

The U.S. Federal Reserve on Wednesday raised interest rates by 75 basis points (0.75 percentage point) to a range of 3.75% to 4%. However, Fed Chair Jerome Powell said that the Fed could ease off of its three-quarters-point hike pace in December or January.

Following the above news, Bitcoin fell to $20,048 before recovering slightly and trading in the $20,100 – $20,300 range in the hours that followed.