Bitcoin soars over 10% after expected Fed action

Bitcoin advanced 1.7% to rise above $23,3000 on Wednesday, after five negative sessions, following the Fed’s announcement to raise interest rates by 0.75 percentage points.

The largest currency was trading at $23,434 up 1.9%. The asset has lost some 66% of its value from lifetime highs of $69,000 in November. The second-largest cryptocurrency, ether was trading up 0.5% to $1,651.

Bitcoin prices held firm even as Solana wallets were exploited in a multimillion-dollar hack. Solana’s token’s price fell 3% on Wednesday. Bitcoin has entered into an uptrend after it hit lows on July 13.

Bitcoin had its worst quarter in more than a decade in the second quarter.