Bitcoin

This event underscores a macro regime where inflation remains sticky and labor markets resilient, forcing the Fed to maintain a hawkish stance. For crypto, this means a prolonged period of reduced liquidity and risk-off sentiment, contrasting with the narrative of Bitcoin as an inflation hedge which may only materialize if inflation accelerates further or the Fed is forced to pivot due to economic weakness.

Portfolio managers Ed Al-Hussainy and Nicolo Bocchin commented on Fed's muddled messaging and long-term Treasury yields retaining surge after rate decision and economic data.