Bitcoin was up slightly but most altcoins, including ether, were in the red over the past 24 hours as investors continue to digest hawkish remarks by the U.S. Federal Reserve. MuyaoShen and JPRubin23 report
Bitcoin extended its losses for much of Thursday, a day after hawkish comments from U.S. Federal Reserve Chairman Jerome Powell, as the stock marketl with some traders betting that the central bank will raise interest rates more than four times this year.
At the time of publication, the largest cryptocurrency by market capitalization was changing hands near $37,000, up slightly over the past 24 hours but still well off its high of a week ago, according to CoinDesk data. Ether, the second biggest cryptocurrency by market capitalization, was down over the same time period and was trading at about $2,400. Most other major altcoins were also in the red.
Amid the bearish crypto movement, the U.S. dollar was a strengthening. At the time of publication, the U.S. dollar currency index was up by 0.79% over the past 24 hours to 97.2, according to TradingView.before. Bitcoin and the dollar index in the past have moved in opposite directions. Such inverse correlation became more noticeable last July.
Data compiled by CoinDesk shows that bitcoin’s trading volume across major crypto exchanges was down from a day ago to its lowest level this week so far.Instead of bitcoin, at the center of the market and crypto Twitter was the surprising drama around Wonderland, a popular