The bitcoin price fell 17% over the past seven days, seeing its sixth straight red week. ETH and BNB remain highly correlated with BTC and are both down 16% over the past seven days.
Last Wednesday’s FOMC meeting met expectations, announcing a 50bps rate hike and balance sheet normalization starting June. During the presentation, Jerome Powell announced that the FED is not actively considering a 75bps rate hike, leading equities and bitcoin to soar in the following hours. The tide quickly turned on Thursday, with both equities and crypto experiencing a further downfall.