Major cryptocurrencies were seen trading lower on Wednesday evening amid hawkish comments from Federal Reserve ChairJerome Powell.
Cryptocurrency | Gains +/- | Price (Recorded 9:26 p.m. EDT) |
Bitcoin (CRYPTO: BTC) | -1.14% | $30,200.58 |
Ethereum (CRYPTO: ETH) | -1.64% | $1,839.46 |
Dogecoin (CRYPTO: DOGE) | -3.01% | $0.06 |
What Happened:Powell signaled the possibility that the U.S. central bank could carry out multiple interest rate hikes in the near future at an aggressive pace.
The Fed Chair said that the driving force behind these rate hikes is a robust labor market. Powell's comments align with positions taken by his colleagues at the June policy meeting.
On Wednesday, Bitcoin briefly fell below the $30,000 mark, before regaining the psychologically important level.
During the recent market pullback, Bitcoin surpassed Ethereum and...