Bitcoin tops $81,000 and Ether gains nearly 10% in the days after the Fed's hike

Bitcoin and Ether moved higher through the end of the week, shrugging off the Federal Reserve's decision to raise interest rates to a 3.75%-4% range on Wednesday, September 16.

The numbers

Based on Coinbase daily closing prices (UTC):

*Price on Saturday afternoon. Live prices are in the table below and on our markets page.

That puts Bitcoin up roughly 7% and Ether up roughly 9.5% from their Fed-day closes. Most of the gain came on Thursday, September 18, when Bitcoin rose about 6% in a single day. Measured from the close a week earlier, on September 12 ($77,263), Bitcoin is up about 5.5%.

Why it matters

Higher interest rates are often seen as a headwind for riskier assets, because they raise the return available on safe investments like Treasury bills. This week, crypto rose anyway. The Fed paired its hike with an upbeat description of the economy, and traders now have a clearer picture of the path ahead: officials' projections point to one more quarter-point increase this year, with gradual cuts in later years. Crypto remains highly volatile, and one strong week says little about the next.

What to watch

• Treasury yields: the 10-year ended Friday at 5.01%. A further rise could pressure risk assets.
• U.S. data next week: a flash reading on business activity on September 23 and weekly jobless claims on September 24. The week ahead.
• The October 2 jobs report, the next major test for the Fed's outlook.

Market data by TradingView and Coinbase. Rates are the latest daily or weekly Federal Reserve data. Futures boards show 24-hour index and commodity prices that track futures markets. Some quotes may be delayed. Not investment advice.

Source: Coinbase Exchange daily price data. Crypto assets are volatile. This article is information, not investment advice.