Declining 8% in just 24 hours, Bitcoin dipped below $36,000 before stabilizing.
The gist of the narrative is that traders reacted with relief yesterday that the Fed’s inflation measures were measured before realizing today that the 0.5 percentage point increase on interest rates are still very high by historical standards.
After starting the year at $46,700, Bitcoin has seesawed up and down while rarely getting back above that mark.
Its losses mirror those of stocks—more specifically, shares in tech companies.