Bitcoin is again facing conditions resembling early 2022 after the Federal Reserve raised its federal funds rate target by 25 basis points to 3.75%-4.00%. Markets expect another 75 basis points of increases over the next six months. Bitcoin has fallen about 40% from roughly $126,000 last October, similar to its 40% decline from the approximately $69,000 November 2021 peak when the Fed began hiking in March 2022. Bitcoin initially rose 18% over 12 days after that hike before falling about 50%. Persistent inflation, Middle East tensions that have pushed WTI and Brent crude above $100 a barrel, and a 5% U.S. 10-year Treasury yield are adding pressure to risk assets, although a single historical cycle offers limited guidance. Headline inflation has remained above 2% for more than five years, while core inflation has reached a five-year low of 2.4%.