Bitcoin was trading at $77,149 at the time of writing, down 4.36% over the past seven days. The slide came as sentiment weakened following the biggest hack in crypto history, with volatility returning to the market during the week after the Federal Open Market Committee meeting. Fed official Logan then called for two more rate hikes, adding pressure just as the market was trying to steady itself.
The week the market lost its footing
The drop wasn't a single-day collapse. It built over the week. The record hack set the tone, pulling confidence out of the market before buyers could establish any kind of base. Then the FOMC meeting arrived, and the price swung as traders tried to read the policy signal. Logan's call for two additional hikes landed after that, and BTC has been struggling to recover since.
What stands out is the sequence. The hack did the damage first. The Fed talk kept it from healing.
Logan's two-hike call
Logan's remarks weren't a subtle hint. Calling for two more rate hikes is a direct signal that the policy path isn't easing the way some in the market had hoped. For a risk asset like bitcoin, that matters. Higher rates tend to pull capital away from speculative positions and toward safer ground.
The timing is awkward. Coming so soon after the hack, the hawkish message hit a market that had already taken a serious blow. There was no cushion left.
An FOMC week with no clear answer
The FOMC meeting itself produced volatility, but not direction. Bitcoin moved during the week as the market weighed what the committee said against what Logan later added. The result was a choppy stretch that left BTC lower than where it started the week.
That kind of price action is common after central bank meetings. Traders position one way into the announcement, then reverse when the details come out. This time, the reversal went against bitcoin.
A market waiting for the next signal
The record hack remains unresolved in the public eye. Until there's more clarity on how it happened and what it means for the wider market, sentiment is likely to stay fragile. Logan's two-hike call gives traders another reason to stay cautious heading into the next stretch of Fed communication.
For now, the market is left watching for the next data point — and the next official comment — to see whether bitcoin can find a floor at these levels or whether the week's losses are just the start.
