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No Dove from the Fed. The short-lived rally on Wednesday lost steam after the U.S. Federal Reserve surprised markets by reversing its stance toward scaling back bond purchases and speeding up the expected pace of policy tightening. The sudden hawkish turn stung risk assets but has failed to provide concrete direction for the crypto markets after a dramatic five-week price freefall. Needless to say, the market is still looking for a new level amid the slump in on-chain activities. The average price of Bitcoin acquired in the last 12 months appears to be settling at a buy-and-hold level near $37.5k, a possible support level in case the tide decides to turn around.