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Three weeks ago, before the U.S. central bank raised interest rates a hawkish 75 basis points, before bond yields rose to 15-year highs and the British pound tanked, before the Dow Jones Industrial Average sank into bear market territory.

On Wednesday, BTC was still trading comfortably above $19,000, up more than 4% over the past 24 hours and seeming impervious to the increasingly volatile macroeconomic environment. How long bitcoin holds above this threshold remains uncertain as is its previously considered role as an inflation hedge.

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