Bitcoin, Ethereum drop as stocks face selling pressure amid more hawkish Fed

Bitcoin (BTC-USD), Ethereum (ETH-USD) and a slew of other major cryptocurrencies are dropping Friday afternoon as stock market investors price in a more aggressive path for Fed rate hikes. The world's largest digital coin by market cap is dipping nearly 6% intraday to $39.7K, erasing all of this past week's gains. Ethereum (ETH-USD), the most popular altcoin in the crypto ecosystem, is also off around 4% to $2.96K. By comparison, all three major U.S. stock market indices are changing hands in negative territory, with the Dow Jones (DJI) -1.3%, S&P 500 (SP500) -1.1% and Nasdaq (COMP.IND) -0.7%. Note that the tech-heavy Nasdaq (COMP.IND) is off a whopping 17.3% YTD as investors tune out of growthy risk assets and turn to safer yielding ones. "As bitcoin's returns have become increasingly correlated to equity returns (tech), investors' concerns over bitcoin performance in the medium term have surged," SA contributor Rothko Research wrote in a Twitter post. Selling pressure across a broad range