Bitcoin Rises After Fed Lifts Rates and U.S. Lawmakers Debate Crypto Regulation

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Bitcoin
and other cryptocurrencies were climbing Thursday as traders bet the latest Federal Reserve’s latest increase in interest rates could be its last. The crypto sector also was focusing on the progress of proposed legislation to create a U.S. regulatory framework for digital coins. 

Bitcoin
has risen 1.2% at $29,519 over the last 24 hours. The largest cryptocurrency gained after the Fed raised interest rates as expected. 

“Wednesday’s Fed meeting was probably the best that could have been expected from Bitcoin’s perspective as the perception remains that July’s hike to a 22-year high was either the peak of this tightening cycle—or we are very close to it,” said Sam Yilmaz, co-founder of crypto-focused venture fund Bloccelerate.

Crypto traders are also watching the progress of a set of bills being debated in the House of Representatives to create a regulatory framework for digital currencies.

While the legislation isn’t expected to pass the Democratic-led Senate, the bills did secure approval from the key House Financial Services Committee with support from some Democrats, potentially signaling bipartisan momentum toward a clearer U.S. regulatory framework for the crypto sector.

Beyond Bitcoin,

Ether
—the second-largest crypto—rose 1.8% to $1,883. Smaller tokens, or altcoins, also were higher, with

Cardano
up 3.8% and

Polygon
gaining 3.8%.

Write to Adam Clark at adam.clark@barrons.com