Bitcoin dips back under $45K as yield extend gains ahead of Fed minutes

Bitcoin (BTC-USD), ethereum (ETH-USD) and a slew of cryptocurrencies are trading in the red Wednesday morning, as U.S. Treasury yields spike ahead of the Federal Open Market Committee's meeting scheduled at 2:00 p.m. ET. Specifically, bitcoin (BTC-USD -4.2%) is sliding back under its $45K key level, recently changing hands at $44.7K, though still elevated by 15.5% M/M. Ethereum (ETH-USD -5.7%) is drifting down to $3.3K per token but +30% M/M. U.S. stocks are also experiencing selling pressure in premarket trading, with all three major stock market index futures pointing to a weaker open. Meanwhile, the 10-year U.S. Treasury yield (TLT) is extending massive gains to 2.62%, the highest since mid-2019. This comes as the Fed minutes are expected to reveal details on balance sheet runoff; Fed Governor Lael Brainard on Tuesday pivoted to a more hawkish stance, saying the balance sheet reduction could start "at a rapid pace as soon as" the FOMC's May meeting.