{"id":278569,"date":"2021-06-19T02:45:26","date_gmt":"2021-06-18T23:45:26","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/hawkish-fed-comments-push-bitcoin-price-and-stocks-lower-again\/"},"modified":"2021-06-19T02:45:26","modified_gmt":"2021-06-18T23:45:26","slug":"hawkish-fed-comments-push-bitcoin-price-and-stocks-lower-again","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/hawkish-fed-comments-push-bitcoin-price-and-stocks-lower-again\/","title":{"rendered":"# Hawkish Fed comments push Bitcoin price and stocks lower again"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2938fdd6c72\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2938fdd6c72\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/hawkish-fed-comments-push-bitcoin-price-and-stocks-lower-again\/#Traditional_markets_close_the_week_down\" >Traditional markets close the week down<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/hawkish-fed-comments-push-bitcoin-price-and-stocks-lower-again\/#Altcoins_price_crumble\" >Altcoins price crumble<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Hawkish Fed comments push Bitcoin price and stocks lower again <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) and the wider financial markets faced a new wave of selling on June 18 following comments from James Bullard, the president of the United States Federal Reserve Bank of St. Louis, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WSJ\/status\/1405904679268143111\">indicating<\/a> that he expects the first interest rate increase to h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en in late 2022.\u00a0<\/p>\n<p>Bullard&#8217;s comments were even more hawkish than Wednesday\u2019s comments from Fed Chair Jerome Powell, who indicated that the rate hikes would come in 2023. Powell&#8217;s comments triggered a sell-off across financial markets as the U.S. dollar gained strength. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/5a2eab43-345a-4adf-a38b-d36bda9f6f7a.png\"><figcaption style=\"text-align: center;\"><em>U.S. dollar currency index. 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/DXY\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that as the dollar was strengthening, Bitcoin bulls were overwhelmed by sellers, triggering a decline to a daily low at $35,129. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/63d90746-8bce-4bed-94b9-fa8e89f32f00.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>The uniform sell-off across a variety of assets including stocks, gold and cryptocurrencies has further eaten away at the narrative that Bitcoin is an uncorrelated asset, as data shows that BTC&#8217;s correlation with both gold and stocks has continued to increase throughout 2021.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Traditional_markets_close_the_week_down\"><\/span>Traditional markets close the week down<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Friday&#8217;s close in traditional markets marked one of the worst weeks for the Dow <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/global-stock-markets-dow-update-06-18-2021-11624002788?mod=e2tw\">since October<\/a>\u00a0after the index saw five straight sessions of losses for a total decline of 3% this week.<\/p>\n<p>The S&amp;P 500 and NASDAQ were also hard hit on Friday, closing the day down 1.31% and 0.92% respectively, while the 10-year treasury note fell by 4.04% in response to the strengthening dollar. <\/p>\n<p>As for the cause behind the recent hawkish stance from the Fed, Bullard <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2021\/06\/18\/feds-jim-bullard-sees-first-interest-rate-hike-coming-as-soon-as-2022.html?utm_content=Main&amp;utm_medium=Social&amp;utm_source=Twitter#Echobox=1624028564\">pointed<\/a> to a higher than expected level of inflation as the economy reopens following the Covid-19 lockdowns. <\/p>\n<p>Bullard said:<\/p>\n<blockquote><p>\u201cWe\u2019re expecting a good year, a good reopening. But this is a bigger year than we were expecting, more inflation than we were expecting. I think it\u2019s natural that we\u2019ve tilted a little bit more hawkish here to contain inflationary pressures.\u201d<\/p><\/blockquote>\n<p>Bullard suggested that in the future, inflation is\u00a0 &#8220;running at 3% this year and 2.5% in 2022 before drifting back down to the Fed\u2019s 2% target.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Altcoins_price_crumble\"><\/span>Altcoins price crumble<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Altcoins saw their prices decline alongside Bitcoin on Friday as traders once again fled to the safety of stablecoins as market volatility picked up. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/bfd259ab-8f9d-4520-a3b8-027634888df6.png\"><figcaption style=\"text-align: center;\"><em>Daily cryptocurrency market performance. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coin360.com\/\"><em>Coin360<\/em><\/a><\/figcaption><\/figure>\n<p>Ether (ETH) saw its price slide more than 13% to reach a low at $2,137 and Amp (AMP) fell 33% from its all-time high of $0.1211 that was established on June 16. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bulls hesitate to buy the dip after Bitcoin price falls close to $35K<\/em><\/strong><\/p>\n<p>Of the top 200 coins, the two best performances of the day were ZKSwap (ZKS)\u00a0with a 14% gain Gnosis (GNO) which rallied by 7.4%. <\/p>\n<p>The overall cryptocurrency market cap now stands at $1.486 trillion and Bitcoin\u2019s dominance rate is 44.8%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/hawkish-fed-comments-push-bitcoin-price-and-stocks-lower-again\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Hawkish Fed comments push Bitcoin price and stocks lower again &#8221; Bitcoin (BTC) and the wider financial markets faced a new wave of selling on June 18 following comments from James Bullard, the president of the United States Federal Reserve Bank of St. Louis, indicating that he expects the first interest rate increase to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":278570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvYTMyZmZkZTMtY2JlMy00ZmFlLThjZTctMGE5NmE5NWQxOTZlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74937,74863,76153,74891,75150,73785],"class_list":["post-278569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrencies","tag-dollar","tag-ethereum","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/278569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=278569"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/278569\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/278570"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=278569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=278569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=278569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}