The Federal Reserve raised interest rates by 25 basis points (bps) following the Feb. 1 meeting of The Federal Open Market Committee (FOMC).
This brings the Federal Funds Rate to 4.5-4.75%.
Bitcoin reacted with an immediate 1.2% swing to the upside, topping out at $23,200 on the 19:00 (UTC) 5-minute candle.
![Bitcoin 5 minute chart](https://cryptoslate.com/wp-content/uploads/2023/02/BTCUSDT_2023-02-01_19-06-51-1024x465.png)
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