The Bitcoin price is trading higher on Thursday (17), recovering part of its losses from recent days even after the Federal Reserve (Fed) raised US interest rates for the first time since 2023. The move tracks an improvement in risk appetite across global markets, while Zcash surges more than 20%, comfortably leading gains among major cryptocurrencies.
This morning, Bitcoin is up 1%, trading at US$76,241 over 24 hours. In euros, the world's largest cryptocurrency stood at roughly 66,677 EUR, according to data from Portal do Bitcoin. Ethereum, for its part, advances 1.5%, to US$2,429. XRP rises 1.2%, while Solana gains 3.4% and BNB advances 2.6%.
The relatively positive reaction came after the Fed raised the US benchmark rate on Wednesday by 0.25 percentage points, to a range of 3.75% to 4% per year. It was the first increase since July 2023 and the decision was unanimous.
Although higher rates typically dampen appetite for risk assets, the move had been widely expected. In addition, the Fed's new projections pointed to limited further tightening: the median official outlook indicates just one more 0.25 percentage point hike, still in 2026.
Jeff Ko, chief analyst at ViaBTC, told CoinDesk that the decision had already been priced in and that the market read the Fed's signalling as an indication that, for now, there will be no aggressive cycle of rate increases.
The move is also visible in traditional markets. S&P 500 and Nasdaq futures advanced this morning, while short-term Treasury yields eased after hitting highs not seen since 2024.
Zcash surges and liquidations reach US$345 million
The standout of the market this Thursday is Zcash, a privacy-focused cryptocurrency. ZEC rose as much as around 23%, reaching the region of US$1,370, extending a rally that had already been drawing attention in recent days. This morning, 24-hour gains stand at 13.4%, at US$1,334.
The advance coincided with comments from Matt Huang, co-founder of the investment firm Paradigm, who revealed that the company holds ZEC and described the cryptocurrency as a privacy complement to Bitcoin.
The rise in cryptocurrencies triggered a sharp wave of liquidations of leveraged positions. Around 86,800 traders had positions forcibly closed over the past 24 hours, totalling US$345 million, according to data from CoinGlass.
Most of the losses fell on investors betting on a market drop: short positions accounted for approximately US$208 million, against US$137 million in long positions.
Ether accounted for nearly US$89 million in liquidations, followed by Bitcoin, with US$85 million, and Zcash itself, with US$56 million. The largest single liquidation involved a Bitcoin position of around US$18 million on Hyperliquid.
Bitcoin revives comparisons with 2022
Despite Thursday's recovery, the Fed's return to a rate-hiking cycle also revived comparisons with a period that was far from favourable for Bitcoin.
When the US central bank began raising rates in March 2022, BTC had also already accumulated a drop of close to 40% from its all-time high. That move preceded an even harder period for the crypto market, marked by aggressive monetary tightening and a series of internal crises in the sector.
Today, the picture shows some similarities. Bitcoin remains about 40% below its record above US$126,000, reached in October 2025, while the Fed once again tightens monetary policy to fight inflation.
There are, however, relevant differences. This time, the market arrived at the Fed's decision after significant deleveraging, while institutional demand through Bitcoin ETFs continues to be part of the market's structure. In addition, the monetary authority itself has so far signalled a less aggressive cycle than the one begun in 2022.
Bitcoin had also already come under pressure this week from the failure of the Clarity Act in the US Senate. Alex Kuptsikevich, chief analyst at FxPro, said BTC may have “reacted excessively negatively” to the bill's defeat, leaving less room for further declines after the rate decision.
Even so, the trajectory of monetary policy remains one of the main risks for the coming months. The market already assigns a meaningful probability to another rate hike at the October meeting, as the Fed continues to watch inflation, energy prices and labour market conditions closely.
For Bitcoin, the question now is whether the recovery above US$76,000 can gain momentum, or whether renewed monetary tightening in the United States will once again weigh on risk assets in the coming weeks.
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