Bitcoin Slides to $26.5K Amid Surging U.S. Dollar; Record-High Rates Are ‘Nightmare’ for Crypto Firms
The 10-year Treasury rate surging to a 16-year high and equity markets selling off could push BTC lower, one trading firm said.
• BTC slid to $26,500 as interest rates, U.S. dollar surged and equities declined.
• Fed’s “higher for longer” stance puts pressure on crypto firms, Oanda’s Edward Moya said.
• Equity sell-off could drag BTC price lower, per QCP Capital.
Cryptocurrency markets slid lower on Thursday as investors digested the repercussions of Federal Reserve Chair Jerome Powell’s hawkish remarks about keeping financial conditions tight and interest rates high for longer.
The bitcoin ( BTC ) price declined to around $26,600, down 1.5% over the past 24 hours, barely budged by positive news about delaying payouts related to the Mt. Gox implosio n, a long-time source of selling pressure scare in digital asset markets.
Ether ( ETH ) broke below $1,600 and extended its losing streak against BTC , falling to a fresh 14-month low against the leading crypto asset. ETH was down 1.8% during the day, similarly to the broad market-proxy CoinDesk Market Index ( CMI ).
Read More: https://www.coindesk.com/markets/2023/09/21/bitcoin-slides-to-265k-amid-surging-us-dollar-record-high-rates-are-nightmare-for-crypto-firms/
The 10-year Treasury rate surging to a 16-year high and equity markets selling off could push BTC lower, one trading firm said.
• BTC slid to $26,500 as interest rates, U.S. dollar surged and equities declined.
• Fed’s “higher for longer” stance puts pressure on crypto firms, Oanda’s Edward Moya said.
• Equity sell-off could drag BTC price lower, per QCP Capital.
Cryptocurrency markets slid lower on Thursday as investors digested the repercussions of Federal Reserve Chair Jerome Powell’s hawkish remarks about keeping financial conditions tight and interest rates high for longer.
The bitcoin ( BTC ) price declined to around $26,600, down 1.5% over the past 24 hours, barely budged by positive news about delaying payouts related to the Mt. Gox implosio n, a long-time source of selling pressure scare in digital asset markets.
Ether ( ETH ) broke below $1,600 and extended its losing streak against BTC , falling to a fresh 14-month low against the leading crypto asset. ETH was down 1.8% during the day, similarly to the broad market-proxy CoinDesk Market Index ( CMI ).
Read More: https://www.coindesk.com/markets/2023/09/21/bitcoin-slides-to-265k-amid-surging-us-dollar-record-high-rates-are-nightmare-for-crypto-firms/
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