The overall risk-off environment has triggered relentless selling in crypto assets since the beginning of the year. The most popular cryptocurrencies, Bitcoin and Ethereum, are down more than 60% year-to-date.
The stubborn inflation has resulted in a third consecutive 75 basis point interest rate hike by the Fed. The central bank maintains its hawkish stance, with officials raising the key rate prediction for this year to 4.25% to 4.5% from the previously projected 3.25% to 3.5%.
