Solana, Avalanche Post Biggest Declines After Hawkish Fed Outlook

Solana, Avalanche Post Biggest Declines After Hawkish Fed Outlook
The slight recovery in the crypto markets this week all but retracted as major cryptocurrencies dipped up to 7% in the past 24 hours amid a hawkish U.S. Federal Reserve (Fed) outlook to cut back on inflation.In a Wednesday meeting, Fed Chairman Jerome Powell said the agency was ready to raise interest rates in March and could even hike rates “at every meeting” to tackle concerns of inflation after a record asset-buying program. Seven more meetings are scheduled for this year.Asian markets were spooked on Thursday. Hong Kong’s Hang Seng Index, which tracks the sixty largest companies, was down 2%,…