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Federal Reserve Hikes Rates by 25 Basis Points
Recent bank failures had market participants questioning if the U.S. central bank would follow through with its previous intention to further tighten monetary policy.
The U.S. Federal Reserve raised its benchmark fed funds rate by 25 basis points to a target range of 4.75%-5%, in line with most market participants' expectations.
The price of bitcoin (BTC) rose about $250 to $28,700 in the immediate aftermath of the decision.
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In its statement accompanying the rate hike Wednesday afternoon, the Fed's Federal Open Market Committee (FOMC) acknowledged this month's bank system troubles, saying that "recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring and inflation."
Today's policy statement also removed the "ongoing increases" language that had been notable over the past months, suggesting any possible future rate hikes will be data dependent.
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As recently as two weeks ago, interest rate traders were evenly split on whether the Fed would raise rates by 25 or 50 basis points. Struggles within the banking system since – including the failure of a number of lenders – had traders today roughly evenly split on whether the Fed would raise by 25 basis points or stand pat, with some participants even expecting a surprise rate cut from the central bank.
The quarterly expectations of Fed members shows the median anticipated terminal fed funds rate remains at 5.1%. Participants see December 2023 core PCE inflation at 3.6% versus 3.5% expected three months earlier.
Fed Chair Jerome Powell will hold a press conference at 2:30 p.m. ET.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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