$BTC dropped 2% while the U.S. dollar strengthened after Fed's Mester validated the recent hawkish repricing of interest rate expectations. Reports godbole17.
Bitcoin ran into selling pressure early Wednesday after a top Federal Reserve official said there is no compelling case to halt the liquidity tightening. The Fed's unrelenting tightening has roiled risk assets, including cryptocurrencies.Loretta Mester told FT
Bitcoin, a pure play on the dollar liquidity, fell by nearly 2% to $27,021 after Mester's comments were published, CoinDesk data shows. The Fed has raised rates by 500 basis points to 5% since March 2022 to tame inflation. Mester's support for another rate hike and the higher-for-longer stance comes on the heels of hotter-than-expected inflation data and validates the recent hawkish repricing of interest rate expectations in the U.S.
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