Bitcoin outperforms U.S. stocks after Fed meeting

Bitcoin outperformed major U.S. stock indexes on Wednesday, though both assets slid after the Federal Reserve raised its benchmark interest rate by 0.75 percentage point, as expected, while investors and traders assessed the path ahead for monetary policy.

The central bank’s policy statement on Wednesday hinted at a potential slowdown in its path to tighten the monetary policy to combat inflation, while Fed Chairman Jerome Powell said in a news conference that it was “very premature” to be thinking about a pause in rate hikes. The ultimate target for its key rate is likely higher than previously expected, Powell said.

A wave of high-profile job cuts in crypto has done little to move prices, Safai said. “Some of this can be attributed to a recognition that the bigger companies in crypto need to trim themselves a bit, but also to the fact that global macro is still influential, even as correlations have softened,” he said.

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