The Federal Reserve's Hawkish Stance Hits Bitcoin, Broader Crypto Market
Bitcoin and the broader crypto market experienced a downturn after the U.S. Federal Reserve indicated its continued hawkish stance in its latest meeting minutes. Bitcoin dropped by 2% to trade at $28,549, while the total market capitalization of cryptocurrencies decreased by 1.7% or nearly $20 billion. The SP 500 index also continued its decline, and the dollar index reached a one-month high due to rate hike expectations.
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The Federal Reserve's Hawkish Stance Hits Bitcoin, Broader Crypto Market
Bitcoin and the broader crypto market experienced a downturn after the U.S. Federal Reserve indicated its continued hawkish stance in its latest meeting minutes. Bitcoin dropped by 2% to trade at $28,549, while the total market capitalization of cryptocurrencies decreased by 1.7% or nearly $20 billion. The SP 500 index also continued its decline, and the dollar index reached a one-month high due to rate hike expectations.