Bitcoin Breaks Below $64,000 as Hawkish Fed Signals Widen Losses

Bitcoin fell below $64,000 after hawkish signals from the Federal Reserve intensified the selloff.

As of 7:04 a.m. on June 18 in Seoul, Bitcoin was trading at $63,996.00 on Binance's USDT market, down 2.7% from a day earlier. On Upbit's won market, it was trading at 96,802,000 won, down 1.87%.

Major altcoins including Ether also extended losses. Ether fell 3.29% to $1,735.80 on Binance's USDT market, while XRP dropped 3.21% to $1.18.

The decline appeared to be driven less by the Fed's decision to leave rates unchanged than by revisions to its economic outlook.

The Federal Open Market Committee voted unanimously on June 18 to keep its benchmark interest rate unchanged at 3.5% to 3.75%. The decision was widely expected. Still, the Fed raised its inflation forecast and signaled that future rate cuts would come more slowly than previously expected.