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Bitcoin Rally Loses Momentum as Expectations for Fed Shift Eases

  • Bellwether token is coming off biggest 2-day gain in a month
  • Dogecoin sinks after gaining nearly 10% during Tuesday trading
Bloomberg business news
The $2 Trillion Crypto Wealth Wipeout

Bitcoin’s two-day resurgence ran out of steam after strong economic data dashed hopes for a relaxation in hawkish central bank policies. 

Bitcoin, the largest digital coin by market value, dipped as much as 2.9% on Wednesday to trade as low as $19,752, before trading little changed. That’s a reversal from the prior day’s trading, when Bitcoin moved above $20,000 to gain alongside the S&P 500 Index. US stocks also slumped on Wednesday, dropping as much as 1.8% after a two-day rally.