"Hmm, it looks like BTC is about to go down again, but I don't know if there will be a surprise."
The entire cryptocurrency market seems to have plunged on Thursday yesterday as investors remained wary of hawkish statements by Federal Reserve (Fed) Chairman Jerome Powell.
It is reported that the Fed may raise interest rates one more time this year and then cut interest rates next year.
The streak, the 10-year Treasury yield has risen to a 16-year high while the DXY index measuring the strength of the United States (US) dollar against a group of major currencies also saw a significant jump.
However, the US equity market was found to be doing the opposite as the S&P 500 index slipped about 1.6% and the Nasdaq declined 1.8%.
As such, the price of cryptocurrencies including Bitcoin (BTC) could be affected when the equity market experiences further pressure from the Fed's tighter monetary policy.
Not only that, higher interest rates can also put significant pressure on crypto exchanges as they have to increase their refinancing costs, commented Oanda senior market analyst Edward Moya.
As of this writing, BTC price has plunged by 1.43% to $26,611 in the last 24 hours with a market cap of $518 billion but is still up 0.45% over the past week.
While the second largest crypto Ethereum (ETH) is down around 1.47% at the level of $1,591 in the last 24 hours and then plunged 2.10% in the last seven days and Ripple (XRP) is down 0.96% at $0.50.
