Shares of several popular altcoins, including Bitcoin Gold BTG/USD, are trading lower Thursday amid overall market weakness as traders continue to digest Wednesday’s Federal Reserve rate hike announcement. Cryptocurrencies have been seen by some investors as a speculative hedge against inflation and the Fed’s plans to curb inflation could weigh on the space.
An increase in yields has pressured the broader market, with tech and growth stocks receiving the brunt of the selloff.
The Fed raised its target fed funds rate by 0.5% on Wednesday to a new range of between 0.75% and 1.0%, its first rate hike of at least half a percentage point in more than 20 years. The Fed also said it will begin reducing the size of its balance sheet starting on June 1… Read More
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According to data from Benzinga Pro, Bitcoin Gold is trading lower by 8.83% at $28.82 Thursday. Bitcoin Gold is lower by 31.24% over the trailing month amid ongoing weakness in the cryptocurrency market.