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BITCOIN: CRYPTOCURRENCIES COLLAPSE AHEAD OF FED, BITCOIN GIVES UP MORE THAN 50% SINCE RECORD HIGH Monday, January 24th, 2022 at 11:44am Bitcoin and further cryptocurrencies collapse ahead of the Fed (BFM Bourse) – Boosted in the past the initiation of the health crisis by central bank allowance flowing in, crypto-currencies are suffering the full force of the prospect of a forthcoming normalization of the Fed’s monetary policy. Bitcoin is now dropping
more than 50% since its all-time high last November. While equity markets are starting the year off on the wrong foot in the position of fears of a faster-than-expected monetary tightening by the Fed, their downturn remains very moderate compared to the ongoing correction in the cryptocurrency market. The Nasdaq is very in correction territory (-12.9% since its late November tall at Friday’s close) for the first period since March 2020, but the S&P (-8.3%) is not there yet, and the CAC 40 even less so.
On the supplementary side, on the cryptocurrency market, the decline is of a definitely different magnitude. After dropping nearly 10% on Friday, the price of bitcoin has yet significantly swayed higher than the weekend, including giving up higher than 4% additional Saturday to fall to a low back last summer. Over the with week, bitcoin has dropped on zenith of 11% while ethereum, the second most necessary cryptocurrency, has fallen 17%.
And the crash continues this Monday daylight for the two cryptocurrency publicize benchmarks. Shortly after 11:15 a.m., bitcoin is down another 7.2% to $33,670 gone ethereum flounders 10.8%
Wind of anxiety The slip is now taking on spectacular proportions, as bitcoin has dropped 51% since its historic top in to the front November at nearly $69,000 per unit. Ethereum is falling in the same.
In the wake of the two market benchmarks, the price of all the major crypto-currencies is collapsing – BNB (the token developed by Binance), Cardano and Solana are the length of 29%, 36% and 42% respectively on zenith of the last 7 days.
Investors are nevertheless worried and are simply panicking upon the eve of the Fed’s extra monetary policy committee meeting, as rumors are rife about a viable tighter monetary policy than initially expected. In an attempt to curb historically high inflation, the central bank could opt for a more sharp strategy as soon as a first rate hike as forward as March, some investors fear. After two years of uncontrolled increase of its description sheet, which fueled the broadcast rebound and the crypto-currency boom, the prospect of a future dwindling in its description sheet is generating a argumentative increase in risk antipathy among traders.