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Seeking Alpha 2021-06-18 19:08:35

Bitcoin selloff steepens in afternoon action

Bitcoin (BTC-USD) started the week in bull mode, rising above $42K at one point, but selling off on Wednesday following the Fed's surprise hawkish turn . St. Louis Fed boss Jim Bullard this morning added to things this morning, saying he believes the first rate hike will come late in 2022.While that's still a long way off, Fed thinking has clearly gone from continuing to pump the recovery, to caution about overheating. It's hitting risk assets of all sorts, including bitcoin, now down about 7% on the session, and barely above $35K.Blockchain-related players: Microstrategy ([[MSTR]] -1.6%), Riot Blockchain ([[RIOT]] -7.3%), Marathon Patent ([[MARA]] -5.3%), Grayscale Bitcoin Trust ([[GBTC]] -4.9%), Canaan ([[CAN]] -6.2%)Getting away from price action, adoption continues to grow, with Goldman Sachs this morning hooking up with alumnus Mike Novogratz's Galaxy Digital to ramp up bitcoin trading offerings for its roster of institutional clients.

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