By Omkar Godbole (All times ET unless indicated otherwise)
The big news of the past 24 hours is that the Fed, the world’s most powerful central bank, is unlikely to provide a meaningful bullish catalyst in the near term, and markets are reacting negatively.
As sentiment weakens, capital is flowing not just out of altcoins but also out of bitcoin and into stablecoins, which are essentially tokenized versions of the U.S. dollar.
The Fed on Wednesday kept U.S. interest rates unchanged, explicitly warned of a high degree of uncertainty and offered no hints on what the inflation-activity balance could look like following the Iran war-led oil price spike.
Bitcoin dipped below $70,000 early today and is now down 1% since midnight…
