Published: June 14, 2023 at 6:04 PM ET
Major cryptocurrencies fell Wednesday after the US Federal Reserve (Fed) left rates on hold at the end of its two-day meeting in June, but officials said inflation must slow faster. , suggested another 50-basis-point rate hike was under consideration.
Bitcoin BTCUSD fell 3% over the past 24 hours Wednesday to around $25,068, according to CoinDesk data. Cryptocurrencies are up more than 56% so far this year, but are still down more than 60% from their 2021 peak.
ether…
Major cryptocurrencies fell Wednesday after the US Federal Reserve (Fed) left rates on hold at the end of its two-day meeting in June, but officials said inflation must slow faster. , suggested another 50-basis-point rate hike was under consideration.
Bitcoin
BTCUSD
According to CoinDesk data, it fell 3% over the past 24 hours on Wednesday to about $25,068. Cryptocurrencies are up more than 56% so far this year, but are still down more than 60% from their 2021 peak.
ether
ETHUSD
On Wednesday, it fell 5.3% over the past 24 hours to about $1,646.
Fed Chairman Jerome Powell said at a press conference on Wednesday that key inflation indicators remain tenacious and the Fed may need to raise rates a few more times before reaching peak rates.
The central bank’s “dot plot” projections show the benchmark rate rising to a range of 5.5% to 5.75%, and the Fed could raise rates again this year. The Fed’s forward forecast terminal rate was in the current range of 5%-5.25%.
Still, Dexterity Capital partner and co-founder Michael Safai said Wednesday’s crypto sell-off had little to do with the Fed’s meeting, and could instead be attributed to lower liquidity and weaker sentiment. said there is.
“After the Fed’s press release and conference, cryptocurrencies moved in line with stock prices, which was no surprise. But not a large sell order is enough,” Safay wrote in an emailed comment.
The US stock market on Wednesday ended mixed with the Dow Jones Industrial Average.
DJIA
The S&P 500 is down 232 points (0.7%).
SPX
and Nasdaq Composite
complete
They increased by 0.1% and 0.4%, respectively, according to FactSet data.
Meanwhile, as U.S. regulators continue to increase scrutiny of the industry, often through lawsuits, crypto traders are “increasingly inclined to keep their money off the table,” Safai said.
