Bitcoin Shrugs Off Hawkish Fed, Wallet Hack, and ETF Outflows with 2% Drop

Despite a tumultuous week, Bitcoin weathered a hawkish Federal Reserve hold, a $70 million theft due to a Coldcard hardware wallet flaw, and significant ETF outflows. The cryptocurrency only dropped about 2% in value, suggesting the market had already priced in much of the negative news.

The Fed's decision to maintain its interest rate has sparked concerns of potential future hikes, which could impact crypto markets. Meanwhile, a $70 million theft from a Coldcard wallet highlights the ongoing security risks facing users of hardware wallets.

ETF outflows were also a notable development, with investors pulling funds from Bitcoin-based exchange-traded products. However, upcoming US labor and inflation data will be crucial in determining the next moves for crypto markets.