Bitcoin drops most in two months as global markets turn risk off

Cryptocurrencies suffered a sharp selloff as global markets retreated after US Federal Reserve officials reiterated their resolve to keep raising interest rates until inflation is contained. 

Bitcoin, the largest virtual coin by market capitalization, tumbled as much as 9.2% to $21,271, the biggest intraday drop since June 18. Ether and smaller tokens saw even sharper declines, with Avalanche, Cardano and Solana falling more than 10%. 

Digital assets are getting punished as investors unwind bets that the Fed might raise interest rates less than initially feared. Optimism about more favorable liquidity conditions drove a more than 40% rally in Bitcoin since