Bitcoin Record-High Rates Are ‘Nightmare’ for Crypto Firms

BTC slid to $26,500 as interest rates, the U.S. dollar surged and equities declined.

The 10-year Treasury rate surging to 16-year markets selling off could push BTC low.

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Fed’s “higher for longer” stance puts pressure on crypto firms, Oanda’s Edward Moya said.

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The bitcoin (BTC) price declined to around $26,600, down 1.5% over the past 24 hours.

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Ether (ETH) broke below $1,600 and extended its losing streak against BTC.

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ETH was down 1.8% during the day, similar to the broad market-proxy CoinDesk Market Index (CMI).

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Solana’s SOL, Polygon’s MATIC, Lido’s LDO, and Optimism’s OP declined by 3%-5% during the day.

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Fed's “higher for longer” stance puts pressure on crypto firms, Oanda's Edward Moya said.

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