The first Federal Open Market Committee (FOMC) meeting chaired by Kevin Warsh sent shockwaves through cryptocurrency markets. The Federal Reserve held interest rates steady at 4.25-4.50%, but its decidedly hawkish tone and updated economic projections (dot plot) sent Bitcoin crashing below the psychological $64,000 level, wiping out gains from the US-Iran peace deal.
Warsh’s First FOMC: The End of Easy Money Hopes
The June 17, 2026 meeting will go down in history — it was Kevin Warsh’s first chairmanship of the Fed, succeeding Jerome Powell. And the hawkish tone did not disappoint. While the decision to hold rates at 4.25-4.50% was widely expected, it was the forward guidance and projections that rattled markets.
According to the updated dot plot released after the meeting, 9 of 19 Fed officials now expect at least one rate hike in 2026, significantly higher than the March forecast. More strikingly, the median projection shows rates remaining elevated well into 2027, dashing any hopes of a near-term pivot.
Bitcoin Slides 3% as $64K Becomes the New Battle Line
Bitcoin, which had briefly touched $68,000 after the US-Iran peace agreement signed by Donald Trump, violently reversed course. Within hours, BTC shed nearly 3-4%, slipping below $64,000 to touch $63,500 on major exchanges.
Ethereum (ETH) was not spared, dropping 3.2% to trade around $3,350. Major altcoins like XRP and Solana (SOL) also retreated, though to a lesser extent.
According to CoinGlass data, over $350 million in long positions were liquidated in 24 hours, fueling a cascade selloff. TradingView analysts warn that $64,000 is now the key technical level to defend — losing it would open the door to $60,000.
Why Warsh’s Fed Worries Crypto Markets
Kevin Warsh, a former Fed governor and respected Wall Street figure, built his reputation on an orthodox approach to monetary policy. His chairmanship coincides with inflation stubbornly hovering above 3%, well above the Fed’s 2% target.
In his post-FOMC press conference, Warsh stated that “the path back to 2% inflation will be longer than anticipated,” making clear that no rate cuts are on the table until economic data justifies them. For crypto investors, traditionally sensitive to liquidity conditions, this is a major headwind.
The 2023-2024 bull markets were largely fueled by rate-cut expectations. Warsh’s hawkish pivot echoes Jerome Powell’s Jackson Hole moment in 2022, which triggered...
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