Avalanche and Solana, among some of the largest gainers after the US Federal Reserve raised rates on Wednesday, were down as much as 15 per cent and 11 per cent, respectively.
The US central bank’s policy-making Federal Open Market Committee on Wednesday voted unanimously to increase the benchmark rate by a half percentage point and said it will begin allowing its holdings of Treasuries and mortgage-backed securities to roll off in June.
Still, in this higher-rate environment, Bitcoin hasn’t been able to break out in any meaningful way beyond its highs at the start of the year.
Money has been flowing out of the sector amid the malaise.