{"id":22957,"date":"2023-06-15T08:30:02","date_gmt":"2023-06-15T12:30:02","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bitcoin-and-other-cryptos-fall-sharply-after-feds-hawkish-outlook\/"},"modified":"2023-06-15T08:30:04","modified_gmt":"2023-06-15T12:30:04","slug":"bitcoin-and-other-cryptos-fall-sharply-after-feds-hawkish-outlook","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=22957","title":{"rendered":"Bitcoin and Other Cryptos Fall Sharply After Fed’s Hawkish Outlook"},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies retreated Thursday after the Federal Reserve signaled higher interest rates ahead even after pausing its campaign of hikes this month.<\/p>\n

The price of
\n Bitcoin
\n has retreated 4.1% over the past 24 hours to about $24,880, staying well below the $26,000 and $27,000 range that has dominated for much of the period since the largest digital asset hit a 10-month high above $30,000 in April.\u00a0<\/p>\n

\n

The Fed\u2019s aggressive rate hikes since March of last year have undercut higher-risk assets such as cryptocurrencies. Hopes that the cycle had peaked, and that rate cuts may come into play in the foreseeable future, were effectively dashed by Fed Chairman Jerome Powell. The Fed now sees two more quarter-point hikes this year and no cuts, projections showed.<\/p>\n

\u201cOnce the penny dropped that more hikes are likely and we\u2019re in a higher-for-longer rates environment, Bitcoin lost its hold,\u201d said Antoni Trenchev, a managing partner at Nexo. \u201cBitcoin is nervously looking at the low $20,000s. It\u2019ll be a while before this torrid time for crypto blows over.\u201d<\/p>\n

Other cryptocurrencies were also down.
\n Ethereum,<\/span>
\n the second-biggest coin, plunged 6.4%.
\n Cardano
\n lost 7.2%,
\n Polygon
\n fell 6.7%,
\n Dogecoin
\n retreated 1.5%, and
\n Shiba Inu
\n declined 4.2%.<\/p>\n

Write to Brian Swint at brian.swint@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies retreated Thursday after the Federal Reserve signaled higher interest rates ahead even after pausing its campaign of hikes this month. The price of Bitcoin has retreated 4.1% over the past 24 hours to about $24,880, staying well below the $26,000 and $27,000 range that has dominated for much of the period […]<\/p>\n","protected":false},"author":1,"featured_media":22958,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-22957","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBitcoin and Other Cryptos Fall Sharply After Fed's Hawkish Outlook | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Bitcoin and other cryptocurrencies retreated Thursday after the Federal Reserve signaled higher interest rates ahead even after pausing its campaign of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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