Bitcoin reaches $23,200 as Fed raises interest rates by 25 basis points

The Federal Reserve raised interest rates by 25 basis points (bps) following the Feb. 1 meeting of The Federal Open Market Committee (FOMC).

This brings the Federal Funds Rate to 4.5-4.75%.

Bitcoin reacted with an immediate 1.2% swing to the upside, topping out at $23,200 on the 19:00 (UTC) 5-minute candle.