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Bitcoin Erases Drop Sparked by US Fed's Warning of Rate-Hike Pain

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Cryptocurrencies fought off declines triggered by another large Federal Reserve interest-rate hike, though sentiment remained cautious given the central bank's warning of economic pain ahead from tightening policy.

Bitcoin, the largest token, was about 1.2% higher as of 10:50 a.m. in London on Thursday after earlier sliding as much as 4% toward levels last seen in 2020.

Second-biggest coin Ether continued to underperform, shedding 2%. Markets are shuddering at the Fed's determination to fight inflation by constricting financial conditions.

Shorter maturity Treasury yields jumped more than longer tenor rates, deepening a bond curve inversion seen as a signal of recession.

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