The fall was triggered by the minutes of the Federal Reserve, which showed that authorities were paying attention to the earlier schedule of interest rate hikes this year. Bitcoin has fallen by more than 6% since the Fed’s minutes were released on Wednesday, and has recently traded at $ 42,777.99. Ether, the world’s second-largest cryptocurrency in terms of market value, has fallen by about 10% since its release. Cryptocurrencies, like other speculative assets such as tech stocks, have been performing well over the last two years in an ultra-low interest rate environment. WSJ’s Dion Rabouin explains why this part of the crypto market has responded so strongly.Photo: Mark Renihan / Associated PressWrite in Caitlin Ostroff (caitlin.ostroff@wsj.com)

Source: Wall Street Journal January 23, 2022 16:38 UTC