Here’s how Bitcoin reacted to the latest Fed rate hike

assumed a more prominent position in the crypto discourse, evident from the social dominance metric. Before the FOMC announcement, BTC’s social dominance had experienced a dip of approximately 22%.

However, the scenario quickly changed after the announcement, with social dominance skyrocketing to over 26%. Though currently at around 25%, it remains higher than its pre-FOMC level.This notable increase in social dominance is often associated with a sense of fear among market participants, which interestingly tends to heighten the likelihood of a price surge.

As we observe the dynamics of this situation, there’s a palpable sense of anticipation in the crypto community, with many keeping a close eye on Bitcoin’s price movements to see how this fear-driven sentiment might shape its trajectory in the coming days.On 26 July, the daily timeframe chart ofdisplayed a glimmer of hope as it witnessed a slight increase in value, managing to close with a profit.

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