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Bitcoin (CRYPTO:BTC) surged 14% to $86,291, a sharp increase from its September 15 close of $75,584. The rally occurred despite the U.S. Senate rejecting the CLARITY Act and the Federal Reserve raising interest rates.
The Senate voted down the CLARITY Act 49 to 50 on September 15, with all Democrats and four Republicans opposing the bill. The vote killed the legislation for the year, as it required 60 votes to advance.
The following day, the Federal Reserve raised its target interest rate by a quarter percentage point, marking the first increase since 2023.
Fed Chair Kevin Warsh stated he was not in the forward guidance business and opted out of submitting a rate forecast, while other projections indicated one or two more hikes by year-end.
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