Bitcoin, ether swing as Fed raises rates a quarter point

The reaction says less about crypto than about how tightly digital assets are now tethered to macro liquidity conditions. A first hike in over three years, delivered unanimously, marks the end of the easy-money backdrop that many had credited for the last cycle's gains. The whipsaw suggests positioning is split rather than conviction-driven. The open question is whether crypto keeps trading as a high-beta macro proxy or reasserts an independent narrative; the next Fed communication, and whether volatility compresses afterward, is what matters.