Bitcoin, Ethereum & Crypto Test New Lows as Market Braces for Bigger Rate Hike on Wednesday

June 15, 2022 World Blockchain

The cryptoasset market crash continued on Tuesday, with bitcoin (BTC) falling to as low as USD 20,800 before trimming some of its losses. The significant selloff came as the market braces for the possibility of an unusual 75 basis point rate hike from the US Federal Reserve (Fed) this Wednesday.

At 14:47 UTC, bitcoin stood at USD 22,162, down 5% in the past 24 hours and down close to 30% in the past 7 days. At the same time, ethereum (ETH) traded at USD 1,203, down 1% for the day and 35% for the week.

The losses come as the probability of a 75 basis point rate increase by the Fed has increased since Monday, data from the derivatives exchange CME Group shows.