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Cryptocurrency Market Reaction: Cryptocurrencies, including Dogecoin, experienced a decline, likely influenced by hawkish comments from the Federal Reserve regarding interest rates and inflation, with Dogecoin falling approximately 5.5%.
U.S. Dollar and Fed's Stance: The U.S. dollar has been rising as the Fed expresses concerns about inflation and the labor market, indicating a commitment to maintaining maximum employment while targeting a 2% inflation rate, which may impact future rate cuts.
