The U.S. Federal Reserve has hiked interest rates to their highest level in over 22 years. It has raised them by a quarter of a percentage point to the range of 5.25% to 5.5%, which is in line with market expectations.
At press time, Bitcoin is trading at $29,256 on the Bitstamp exchange, showing an increase of a mere 0.25% over the past 24 hours, suggesting the cryptocurrency market may be shrugging off traditional financial news. The FOMC cited robust job gains and low unemployment rates as some of the factors contributing to their decision, alongside a moderate pace of economic expansion.
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