Bitcoin, Ethereum, XRP, Dogecoin Slide Further Amid Fed's Hawkish Shift: Analyst Paints This Upside Target For BTC If It Holds $64,000 As Support

💡 Bitcoin and other major cryptocurrencies are under pressure as the Federal Reserve signals a hawkish shift in monetary policy.

The Federal Reserve delivered a hawkish surprise on Wednesday, signaling that interest rate cuts remain further away than markets had hoped. Fed Chair Jerome Powell told reporters that the central bank needs "greater confidence" that inflation is sustainably declining before it will consider easing policy.

The 10-year Treasury yield surged to 4.8% in the aftermath, its highest level since October 2023. $TLT fell sharply as bond traders repriced the timing of the first cut from March to June.

Bitcoin's Hawkish Reversal

Bitcoin's price has been under pressure since the Fed's announcement, plummeting below $64,000. The cryptocurrency's price action is closely tied to the Fed's monetary policy decisions, as investors seek safe-haven assets during periods of economic uncertainty.

Ethereum's Hawkish Reversal

Ethereum's price has also been affected by the Fed's hawkish shift, falling to its lowest level in months. The cryptocurrency's price action is often correlated with Bitcoin's, as investors seek to diversify their portfolios during times of market volatility.

XRP's Hawkish Reversal

XRP's price has been hit particularly hard by the Fed's hawkish announcement, plummeting to its lowest level in over a year. The cryptocurrency's price action is often driven by speculation and market sentiment, making it particularly vulnerable to changes in monetary policy.

Dogecoin's Hawkish Reversal

Dogecoin's price has also been affected by the Fed's hawkish shift, falling to its lowest level in months. The cryptocurrency's price action is often driven by speculation and market sentiment, making it particularly vulnerable to changes in monetary policy.

What It Means for Investors