Bitcoin Rebounds Above $22K, Equities Struggle After Fed Chair Powell Says Rates Are ‘Likely to Be Higher’

Most other major cryptos were largely in the red, aligning with equities markets, which also wrestled with Powell’s remarks. The S&P 500, Wall Street’s benchmark equity index, closed down 1.5% and the Dow Jones Industrial Average (DJIA) and tech-heavy Nasdaq Composite dropped by 1.7% and 1.2%, respectively. The prospect of a 50 basis point (bps) interest rate hike instead of a more dovish 25 bps now rests at over 70%, roughly the reverse of the probability last week, according to the CME FedWatch Tool.