Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) are all trading lower going into the close of Tuesday's U.S. trading session.
Shares of several popular cryptocurrencies are experiencing weakness after Federal Reserve Chairman Powell said the Fed would be prepared to increase the pace of rate hikes if data indicated it was warranted.
The 2-year Treasury yield then reached the highest level since 2007 amid Powell's testimony.
"We have covered a lot of ground, and the full effects of our tightening so far are yet to be felt. Even so, we have more work to do," Powell said in a Tuesday statement to the Senate Committee on Banking, Housing, and Urban Affairs.
Cryptocurrencies have been seen by some investors as a speculative hedge against inflation and the Fed's continued plans to curb inflation could weigh on the broader crypto sector in the near-term.
According to data from Benzinga Pro:
- BTC is trading lower by 1.99% to $22,026
- ETH is lower by 1.94% to $1,545
- DOGE is lower by 2.96% to $0.073
- SHIB is lower by 5.11% to $0.00001064
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