Bitcoin surged past $65,000 on Thursday after the Federal Reserve held interest rates steady, briefly touching a daily peak of $65,100 before settling around $64,700. The move pushed Bitcoin's market cap to $1.3 trillion and put the asset on track for a monthly gain of more than 10% in July.
The Fed decision
The Fed's decision to keep rates unchanged was widely expected, but markets still reacted. Bitcoin jumped almost immediately after the announcement, breaking through the psychologically important $65,000 level. The rally faded a bit into the afternoon, but BTC held most of its gains.
Bitcoin's July run
July has been a strong month for Bitcoin. With a few days left, the cryptocurrency is on pace for over 10% gains — a sharp contrast to the choppy action seen earlier in the summer. The latest leg higher appears tied to macro sentiment rather than any crypto-specific catalyst.
Market snapshot
Bitcoin's market cap now sits at $1.3 trillion. The broader crypto market has followed Bitcoin higher, though altcoins have lagged. Trading volumes picked up after the Fed's statement, but nothing out of the ordinary for a macro day.
What happens next? All eyes are on the next Fed meeting in September. For now, Bitcoin is holding above $64,000 — a level that has acted as both support and resistance in recent weeks.
