Bitcoin's price rose after the U.S. Federal Reserve raised interest rates by 25 basis points, as expected. After Wednesday's meeting of the Federal Open Market Committee, the target range for the federal funds rate is now 5.25%-5.5%.

The world's largest cryptocurrency by market capitalization rose 1.3% to $29,592 at 4:52 p.m. in New York, according to CoinGecko. It's stayed within a narrow range between around $29,000 and $31,500 for over a month now.

Today's decision by the Fed marks the 11th rate hike in 17 months, after a brief pause in June. The central bank warned that inflation remains elevated and that it's "strongly committed" to bringing it down to its stated goal of 2%. 

Additional policy firming

"In determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments," it said in a statement. 

Fed Chair Jerome Powell said at a press conference that further rate hikes could come in September, if warranted. 

"I would also say it's possible that we would choose to hold steady at that meeting. We're going to be making careful assessments, as I said, meeting by meeting,” he said.

U.S. stocks were mostly muted just after the announcement, with the Nasdaq dipping 0.3%, the S&P 500 rising 0.1% and the Dow Jones Industrial Average rising 0.4%.

(Updates prices.)