Crypto and equity markets strengthened after the Federal Reserve delivered a quarter-point rate hike and guidance traders viewed as broadly consistent with expectations. Bitcoin traded at $76,642, while total crypto market capitalization rose 1.6% to $2.63 trillion. The advance was broad: 94 of the 100 CoinDesk 100 constituents gained, and the small-cap-heavy CoinDesk 80 rose 4.7%, compared with a 1.2% increase for the Bitcoin-heavy CoinDesk 5. Zcash surged about 30% to a record above $1,485 after Paradigm co-founder Matt Huang disclosed that the investment firm holds ZEC and described it as a private complement to Bitcoin. The disclosure coincided with a governance vote to shorten Zcash's block times while retaining its Bitcoin-style halving schedule. US equity futures also rose, with Nasdaq 100 futures up 1.04% and S&P 500 futures 0.81% higher, while the dollar index fell 0.17% and gold and silver gained. Markets interpreted the Fed's projections, which showed a median of one further quarter-point hike this year, as consistent with measured rather than accelerating tightening. Positioning remained cautious: US spot Bitcoin ETFs recorded another $296 million in outflows Wednesday, extending a seven-session streak that has exceeded $1 billion since September 8. Thursday's ETF flow data was unavailable at publication. Bitcoin remained 6.9% below its September 4 monthly high of $82,284, while Coinbase and Robinhood fell 4.4% and 5.5%, respectively, on Thursday despite gains in tokens. Bitcoin is also roughly 40% below its record high of $126,000 set last October, matching the discount from November 2021's peak when the Fed began tightening in March 2022. Futures markets price in another 75 basis points of tightening over the next six months, and Goldman Sachs forecasts another hike as soon as October, leaving the rally facing a potential test before year-end.