Crypto Turns Broadly Lower in U.S. Afternoon Trade as Stocks Give Away Gains

The price of bitcoin {{BTC}} has tumbled after rallying earlier Wednesday as U.S. stocks gave up a sizable early advance to turn lower in U.S. mid-afternoon action.

Bitcoin {{BTC}} at press time was trading at $54,800, down just shy of 4% from 24 hours ago and more than 6% from the $57,600 level touched a few hours earlier. Ether {{ETH}} is faring worse at $2,322, lower by 7.1% over the last day and sending its ratio against bitcoin to the lowest level in more than three years. The broader CoinDesk 20 Index is down 3%.

Trading got off to a good start Wednesday after Bank of Japan Deputy Governor Shinichi Uchida, said that the central bank wouldn't hike borrowing costs when markets are unstable. The dovish comments sent the yen lower and the Japanese stock market and U.S. index futures nicely higher. While the Nikkei managed to close higher by 1.2% and U.S. stocks opened with gains of around 1.5%, the bullishness has faded throughout the course of the day.

Roughly ninety minutes before the close of trade, the Nasdaq is down 0.8% and the S&P 500 off 0.6%.

Speaking with CNBC Wednesday, JPMorgan CEO didn't sound so sure that the U.S. Federal Reserve would be successful in returning inflation to its 2% target. Worrying him on inflation are things like deficit spending, "remilitarization," and the green economy shift. Of what appears to be an imminent Fed rate cut, Dimon says it's likely coming, but he doesn't expect it to have much effect.