Bitcoin held above US$76,000 on Friday morning as cryptocurrency markets absorbed the US Federal Reserve’s first interest rate increase since 2023, with traders taking some comfort from signals that an aggressive tightening cycle may not follow.

Bitcoin was changing hands at about US$76,300, little changed in recent trade, while Ethereum gained around 0.9% to US$2,438 and Solana advanced more than 2% to around US$101. XRP eased slightly to US$1.29.

The relatively muted response followed a quarter-point increase from the Fed, which lifted its target range to 3.75%-4.00%.

While higher rates would typically present a headwind for speculative assets such as cryptocurrencies, the move had been widely anticipated and the Fed’s…