Dado Ruvic | ReutersCryptocurrencies were under pressure Thursday as investors grappled with renewed concerns about the U.S. economy.Bitcoin was last lower by about 4% at $27,901.60, according to Coin Metrics. The slide began after the minutes of the Federal Reserve’s July policy meeting were released Wednesday.The minutes cautioned that Fed officials see “upside risks” to inflation that could potentially lead to more rate hikes. At that meeting, Fed raised its benchmark interest rate to the highest in more than 22 years. Markets have been betting the central bank wouldn’t make any more moves on interest rates this year. In reaction, the stock market fell for a second straight day Wednesday and the 10-year U.S. Treasury yield hit its highest close since 2008.Stock Chart IconStock chart icon Bitcoin has been trading in a tight range all summer.Bitcoin’s correlation with stocks is at its lowest level in two years, according to Coin Metrics, but in 2022 it shot to an all-time high in response to the Fed’s rate-hiking campaign to tame inflation.”Although inflation in itself could be an argument for growth in crypto assets, with inflation comes other aspects like risk off appetite from investors fearing a recession, and avoiding what bitcoin is deemed to be, riskier assets,” said Sylvia Jablonski, chief investment officer at Defiance ETFs. “My suspicion is that the higher beta equities and crypto are the victims of the end of summer lag, range …
