Bitcoin and other cryptocurrencies continued retreating as traders embraced a risk-off sentiment after the hawkish Fed statement.
BTC/USD also dropped as Silvergate, a major crypto bank collapsed. Bitcoin was trading at $22,000, about $3,200 below the highest level this year.Jerome Powell delivered a relatively hawkish statement on Tuesday that pushed crypto and stocks lower. It also pushed the closely-watched VIX index, bond yields, and the US dollar higher.
Before the statement, expectations were that the Fed would hike interest rates by 0.25% in March followed by two more similar hikes. Most analysts expected that the bank would start cutting rates later this year or in 2024.
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