Nasdaq<\/strong>\u00a0dropping 1.6% and 1.5%, respectively.\u00a0<\/p>\nThe S&P 500 had the worst quarterly drop in two years and declined 4.9% for the period, while the tech-heavy Nasdaq dropped 9.1% in the preceding three months.<\/p>\n
Bitcoin and Ethereum have fallen 1.7% and 11%, respectively, in the past 90 days, but have posted gains of 2.3% and 10.5% in the last 30 days.<\/p>\n
The fall in risk assets has taken place amid rising inflation and a military conflict between Russia and Ukraine.\u00a0<\/p>\n
On Thursday, personal consumption expenditures (PCE), a price metric favored by the U.S. Federal Reserve, was released. PCE, excluding food and energy, rose by 0.4% as expected, according to a\u00a0report<\/a>\u00a0from Reuters.<\/p>\nHowever, the PCE number was higher than last month and it is expected to continue going higher, according to\u00a0Ken Polcari<\/strong>, a managing partner at\u00a0Kace Capital Advisors<\/strong>.<\/p>\n\u201cThat only solidifies [Fed Chair]\u00a0Jay Powell<\/strong>\u00a0and the Fed\u2019s position to be more aggressive so there are going to be multiple 50 basis point hikes,\u201d said Polcari.<\/p>\nThursday’s action on Wall Street could keep the pressure on cryptocurrencies, according to\u00a0OANDA<\/strong>\u00a0Senior Market Analyst\u00a0Edward Moya.\u00a0<\/strong><\/p>\n\u201cBitcoin long-term options bets are growing, but it looks like we might have to wait a while until a new catalyst emerges to take out the recent highs,\u201d wrote Moya in a note seen by Benzinga.\u00a0<\/p>\n
On Thursday, cryptocurrency analyst\u00a0Micha\u00ebl van de Poppe<\/strong>\u00a0tweeted, \u201cMaybe the odds of a short-term correction are starting to increase.\u201d<\/p>\n