On Wednesday, June 15, 2022, the Federal Reserve announced a 75 foundation level hike to rates of interest and probably one other 75 foundation level hike in July. Friday, June 17, bitcoin noticed an enormous sell-off together with the remainder of the crypto markets, shedding billions in whole market capitalization. A primary for bitcoin occurred as effectively — we dipped below the earlier cycle’s all-time excessive of $19,756. Bitcoin dipped to ~$17,000, not as soon as however twice, earlier than rebounding to $20,000 ranges by Sunday. This had many individuals speaking in regards to the “R phrase” for the economic system and one other “crypto winter” like that which occurred from January 2018 to December 2020.