Bitcoin (BTC-USD), ethereum (ETH-USD) and other major cryptocurrencies sold off in Friday afternoon trading in a broad risk-off day after Federal Reserve Jerome Powell's hawkish keynote earlier at Jackson Hole.
Bitcoin (BTC-USD) dipped 4.3% to $20.60K, the lowest level since mid-July, at 2:35 p.m. ET, and ether (ETH-USD) fell 9.2% to $1.54K. Shiba inu (SHIB-USD) -7.3%, ether classic (ETC-USD) -7.2%, uniswap (UNI-USD) -9.8% and avalanche (AVAX-USD) -6.1% were some of the biggest losers among the top 20 largest cryptos by market cap.
Overall, the global crypto market cap cracked below $1T, standing at $996.1B at the time of writing, according to CoinMarketCap data. The slump in digital tokens came as equities also took a beating, with the Dow Jones (DJI) -2.2%, S&P 500 (SP500) -2.6% and Nasdaq (COMP.IND) -3.2%, highlighting investors' narrowed tolerance in risk assets as the Fed pledges to keep hiking interest rates until inflation comes down in a meaningful way.
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