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

Altszn.com by Altszn.com
March 8, 2023
in Bitcoin
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Bitcoin Rebounds Above K, Equities Struggle After Fed Chair Powell Says Rates Are ‘Likely to Be Higher’
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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.

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Read More: www.coindesk.com

Tags: 22KBitcoinBTCchairEquitiesFedhigherPowellRatesreboundsstruggle
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