$BTC The past week was a test of strength for the crypto market. As noted in the weekly review by major market maker Wintermute, cryptocurrencies bore the brunt of the Fed's monetary policy reversal and the collapse of peace talks between the US and Iran. Although the market maker saw an unexpected resilience in Bitcoin's price around $62k amidst these stresses, further downside is still possible.

Last week, the crypto market faced two serious challenges, according to Wintermute. The first was the Federal Reserve (Fed) meeting, where they predictably kept the interest rate unchanged. But the signals from regulators turned out to be extremely 'hawkish,' implying a tightening of monetary policy rather than easing.