Bitcoin reaches $23,700 as Fed raises interest rates by 25 basis points

The Federal Reserve has raised interest rates 25 basis points (bps) rose following the Federal Open Market Committee (FOMC) February 1 meeting.

This results in a federal funds rate of 4.5% to 4.75%.

Bitcoin immediately surged 1.2%, breaking above $23,700 in the 5-minute candlestick at 21:45 (UTC).

A post first appeared on CryptoSlate stating that if the Federal Reserve hikes interest rates by 25 basis points, Bitcoin will reach $23,700.