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Bitcoin slips below $64K as Fed tone turns hawkish
The move followed a hold in which three Fed officials dissented for a 25 basis point hike, while Warsh’s inflation remarks pushed oil and Treasury yields higher and dragged risk assets.
Bitcoin fell to just under $64,000 after the new Fed chair J.D. Warsh delivered remarks that traders characterized as hawkish, fading an earlier relief move across crypto markets, according to The Defiant citing CoinGecko data.
The outlet said the decision reflected inflation rhetoric rather than the rate hold itself, with three FOMC members, Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie Logan, dissenting in favor of a 25 basis point hike. CME FedWatch data cited by The Defiant showed markets had assigned about 35% odds to a hike heading into the meeting.
In the broader macro backdrop described by The Defiant, oil rose after comments about a forceful US response to attacks on American personnel in the Middle East, while the 10-year Treasury yield climbed to 4.62% near its yearly high. The Dow initially fell about 400 points before paring losses, and gold rose 1.2%, while Ethereum traded near $1,900 and XRP around $1.06.
The Defiant also reported that the total crypto market cap was about $2.29 trillion, up 2.2% over 24 hours, and that the Crypto Fear and Greed Index was at 35 in fear territory. The hold marked the second under Warsh and extended a pause now running six straight meetings, a period during which Bitcoin has fallen from above $83,000 in late January and dipped under $76,000 during an earlier split decision.
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