BTC, the largest cryptocurrency by market value, was recently trading at about $27,030, down 4.1% over the past 24 hours, with the BTC/U.S. dollar trading pair plunging as low as $26,815 at one point on the Coinbase exchange. Earlier Wednesday, BTC’s price rose as high as $28,815, reaching its highest level since June 10 because some investors hoped the Fed would end its year-long diet of hawkish interest rate increases because of the recent bank failures. But the Fed dashed those hopes.

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Author: Jocelyn Yang

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