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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 additional cryptocurrencies collapse ahead of the Fed (BFM Bourse) – Boosted before the introduction of the health crisis by central bank money 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 tilt of fears of a faster-than-expected monetary tightening by the Fed, their downturn remains certainly moderate compared to the ongoing correction in the cryptocurrency market. The Nasdaq is very in correction territory (-12.9% since its late November high at Friday’s close) for the first times since March 2020, but the S&P (-8.3%) is not there yet, and the CAC 40 even less so.
On the extra side, on the cryptocurrency market, the grow less is of a certainly different magnitude. After dropping nearly 10% on Friday, the price of bitcoin has still significantly swayed on top of the weekend, including giving up beyond 4% additional Saturday to fall to a low past last summer. Over the following week, bitcoin has dropped higher than 11% while ethereum, the second most critical cryptocurrency, has fallen 17%.
And the smash continues this Monday day for the two cryptocurrency make known benchmarks. Shortly after 11:15 a.m., bitcoin is down another 7.2% to $33,670 considering ethereum flounders 10.8%
Wind of scare The slip is now taking upon spectacular proportions, as bitcoin has dropped 51% since its historic culmination in upfront 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 next to 29%, 36% and 42% respectively greater than the last 7 days.
Investors are still worried and are simply panicking on the eve of the Fed’s further monetary policy committee meeting, as rumors are rife very nearly a realizable tighter monetary policy than initially expected. In an try to curb historically high inflation, the central bank could opt for a more argumentative strategy taking into consideration a first rate hike as at the forefront as March, some investors fear. After two years of uncontrolled development of its description sheet, which fueled the shout from the rooftops rebound and the crypto-currency boom, the prospect of a future dwindling in its tally sheet is generating a gruff increase in risk allergic reaction among traders.