Crypto Market Surrenders, Prices Could Fall If…

<p>&nbsp;"Hmm, it looks like BTC is about to go down again, but I don't know if there will be a surprise."</p><p><br /></p><p>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.</p><p><br /></p><p>It is reported that the Fed may raise interest rates one more time this year and then cut interest rates next year.</p><p><br /></p><p>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.</p><p><br /></p><p><br /></p><p>However, the US equity market was found to be doing the opposite as the S&amp;P 500 index slipped about 1.6% and the Nasdaq declined 1.8%.</p><p><br /></p><p>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.</p><p><br /></p><p>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.</p><p><br /></p><p>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.</p><p><br /></p><p>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.</p>