Bitcoin’s price has been declining for the past 24 hours and has reached an intraday low of $21,580 on Binance. Most of the other cryptocurrencies have also been charting mild declines, with the exception of Ripple’s XRP which has gained around 3% and is now approaching the pivotal level of $0.40. The Chairman of the US Federal Reserve – Jerome Powell – testified before the Financial Services Committee and suggested that another 50bps hike could be in play, but the markets had already braced for it beforehand. Despite this, Bitcoin’s price has failed to recover and is currently trading at slightly above $21,600. The sentiment across the broader market has also declined and is now in the fear territory. ImmutableX (IMX) and Synthetix Network (SNX) have both lost over 10%, making them the worst performers for the day. The trading volume across the board has also diminished.