Bitcoin and other cryptocurrencies remain sensitive to recent stock market moves
Powell said that the central bank had to retain its hawkish stance “for some time” in order to tame high inflation. This means that investors will not see a much-anticipated pivot from the central bank anytime soon.
Of course, cryptocurrencies moved lower together with U.S. stocks. The S&P 500 index shed more than 2% due to Powell’s remarks. Some market observers seem to be getting increasingly frustrated with Bitcoin’s persistent correlation with U.S. stocks. “Crypto marching in lockstep with equities. Aren't you guys getting tired of this…yet?” veteran trader John Bollinger
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