Warsh's Hawkish Tone Sinks Crypto Gains After Fed Decision

The Federal Reserve's decision to hold its benchmark rate at 3.50%-3.75% sent Bitcoin above $64,400 on Wednesday.

However, Chair Kevin Warsh's first press conference comments quickly erased that gain, as he stated 'There is no soft inflation target.' This marked a hawkish tone for the new chair and dragged risk assets lower.

Crypto investors had been pricing in a more accommodative Federal Reserve ahead of the meeting, but it appears they got a different message from Warsh's comments.