Crypto slips as possible rate hikes weigh on prices

Bitcoin and Ethereum eased back on Tuesday, June 23, as traders weighed the growing possibility of additional Federal Reserve rate hikes rather than the cuts the market had been counting on earlier in the year.

The shift in rate expectations has been a recurring drag on crypto through June. When the cost of holding cash rises, non-yielding assets like Bitcoin tend to look less attractive, and the strong dollar that comes with a hawkish Fed adds further pressure.

The pullback kept prices near the lower end of their recent range after a brief mid-month recovery.