| \u200b\u200b$45.16<\/td>\n<\/tr>\n<\/table>\n See Also: How To Buy Bitcoin (BTC)<\/p>\n Why It Matters: The U.S. Federal Reserve Chair Jerome Powell, in his semi-annual address to the Congress, said that rate hikes were coming despite the ongoing war between Russia and Ukraine.<\/p>\n \u201cThe bottom line is we will proceed, but we will proceed carefully as we learn more about the implications of the Ukraine war for the economy,\u201d said Powell.<\/p>\n “We will avoid adding uncertainty to what is already an extraordinarily challenging, uncertain environment.”<\/p>\n On Tuesday, the Bank of Canada raised interest rates to 0.5%, a 25 basis-point hike for the first time since 2018.<\/p>\n \u201cWall Street is still going through a major reset with portfolios as the war in Ukraine poses major risks to economic growth and inflationary pressures,\u201d wrote Edward Moya, a senior market analyst with OANDA, in a note seen by Benzinga.<\/p>\n Moya noted that Bitcoin was diversifying away from fiat currencies, and growth concerns were prompting investors to look for \u201calternative investments\u201d from equities. However, he said the current rally could be losing steam.<\/p>\n \u201cBitcoin has had a nice run, but exhaustion in this rally will likely settle in as surging energy costs will likely impact some mining abroad,” Moya said, adding that the Ukraine war uncertainty still had the potential to trigger major de-risking moments.<\/p>\n On Wednesday, the – a measure of the greenback\u2019s strength against six of its peers – traded nearly flat. It edged up 0.03% to $97.3290, according to a Reuters report.<\/p>\n Cryptocurrency trader Justin Bennett said the dollar index would be a \u201ckey driver\u201d for digital assets in 2022.<\/p>\n \u201cIf [Bitcoin] intends to hit all-time highs, the DXY will lead the way with a move below 95,\u201d tweeted the analyst.<\/p>\n “Most are overlooking this, but the #DXY will be a key driver for #cryptos in 2022.”<\/p>\n | ![\"Bitcoin,](\"https:\/\/i-invdn-com.investing.com\/news\/LYNXMPEB0M0CA_L.jpg\")