Bitcoin follows stocks downhill with BTC under $42,000 thanks to Fed worries and geopolitics.
The Fed and tensions over Ukraine had alreadyto lackluster market performance both in crypto and beyond, with that trend staying firmly in force on the day.
With the likelihood increasing that a rate hike could come from the U.S. next month, attention was on James Bullard, president of the St. Louis Fed, ahead of a statement due less than an hour from the time of writing. Speaking to mainstream media Wednesday, Bullard gave strong signals that he was in favor of raising rates harder and faster to combat inflation.
"We are missing our inflation target on our preferred measure... and policy is still at rock bottom lows and we’ve still got asset purchases going on," he told CNNAny hastening of anti-inflation measures would pressure booming stocks, despite multiple rate hikes already notionally priced in. Bitcoin, already heavily correlated with equities, would thus feel the pain in tandem.
Turning to geopolitics, reports of violence in the Ukraine-Russia stand-off added to the sour mood, these coming after conflicting claims of deescalation by Russia and"imminent" invasion from the
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