The price of Bitcoin (BTC) saw a rebound earlier on Wednesday, followed by a sharp decline, as the U.S. stock market gave up a significant portion of its early gains and turned negative during afternoon trading.

Bitcoin (BTC) is currently trading at $54,800, down nearly 4% from 24 hours ago and down more than 6% from $57,600 a few hours earlier. Ethereum (ETH) performed worse, currently priced at $2,322, down 7.1% over the past day, bringing its ratio to Bitcoin down to the lowest level in over three years. The broader CoinDesk 20 index fell by 2.5%.

Trading had a strong start on Wednesday after Bank of Japan Deputy Governor Shinichi Uchida stated that the central bank would not raise borrowing costs when the market is unstable. This dovish remark led to a decline in the yen, and significant gains in the Japanese stock market and U.S. index futures. Although the Nikkei index managed to close up 1.2% and U.S. stocks opened with an increase of about 1.5%, this optimism gradually faded throughout the day.

About 90 minutes before trading ended, the Nasdaq index was down 0.8%, and the S&P 500 index was down 0.6%.

In an interview with CNBC on Wednesday, JPMorgan CEO Jamie Dimon expressed uncertainty about whether the Federal Reserve could successfully raise inflation to its 2% target. His concerns about inflation included deficit spending, “re-militarization,” and the transition to a green economy. Regarding the upcoming Federal Reserve interest rate cuts, Dimon stated that they are likely to happen, but he does not expect them to have a significant impact.

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