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Yoon Geun-ilReporter2026.09.17 18:40
Bitcoin saw a slight uptick, rising 0.17% to $76,185.69 on the 16th (local time). Meanwhile, Ethereum dipped 0.06% to $2,411.94, contributing to a 0.15% reduction in the total cryptocurrency market capitalization, which now stands at $2.58 trillion. Despite the Federal Reserve raising its benchmark interest rate by 0.25 percentage points to 3.75-4.00%, the broader market avoided an immediate sharp downturn, suggesting the rate hike was largely priced in.
The cryptocurrency market remains calm even after the FOMC interest rate hike.
Contrary to the stable price movements, the cryptocurrency derivatives market witnessed an expansion in positions. Total open interest surged by 9.66% to $466.63 billion, even as the 24-hour trading volume fell 11.44% to $837.93 billion. Liquidations over the same period totaled $304.21 million, with short position liquidations (at $158.54 million) exceeding long position liquidations ($145.66 million). This suggests a simultaneous clearing of both long and short positions without significant price volatility.
Major altcoins presented a mixed bag. Binance Coin, XRP, Solana, and Tron posted modest gains, while Dogecoin and Monero experienced declines. Zcash (ZEC) stood out with a notable 14.25% jump. However, the Altcoin Season Index lingered at 33, indicating that capital was not broadly disseminating across the market.
Alongside the rate hike, the Fed acknowledged that inflation remains elevated. The median projection for the benchmark interest rate by the end of 2026 was raised to 4.1%, a 0.3 percentage point increase from June’s forecast, and the Personal Consumption Expenditures (PCE) inflation rate forecast was set at 3.7%. The revised 2.3% projection for real GDP growth this year suggests a stronger focus on inflation containment over economic growth. In the cryptocurrency market, this has heightened vigilance not just towards current interest rates, but also regarding the sustained duration of the Fed’s hawkish monetary policy.
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Source: news.jkn.co.kr