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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 supplementary cryptocurrencies collapse ahead of the Fed (BFM Bourse) – Boosted since the dawn of the health crisis by central bank keep flowing in, crypto-currencies are trouble 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 tall last November. While equity markets are starting the year off upon the wrong foot in the face of fears of a faster-than-expected monetary tightening by the Fed, their downturn remains extremely 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 mature since March 2020, but the S&P (-8.3%) is not there yet, and the CAC 40 even less so.
On the other side, on the cryptocurrency market, the end is of a very different magnitude. After dropping nearly 10% on Friday, the price of bitcoin has still significantly swayed higher than the weekend, including giving up greater than 4% additional Saturday to slip to a low before last summer. Over the later week, bitcoin has dropped higher than 11% while ethereum, the second most indispensable cryptocurrency, has fallen 17%.
And the smash continues this Monday morning for the two cryptocurrency push benchmarks. Shortly after 11:15 a.m., bitcoin is beside another 7.2% to $33,670 next ethereum flounders 10.8%
Wind of clock radio The fall is now taking upon spectacular proportions, as bitcoin has dropped 51% since its historic top in before November at nearly $69,000 per unit. Ethereum is falling in the same.
In the wake of the two announce benchmarks, the price of everything the major crypto-currencies is collapsing – BNB (the token developed by Binance), Cardano and Solana are the length of 29%, 36% and 42% respectively higher than the last 7 days.
Investors are still worried and are clearly panicking on the eve of the Fed’s further monetary policy committee meeting, as rumors are rife nearly a feasible tighter monetary policy than initially expected. In an attempt to curb historically tall inflation, the central bank could opt for a more severe strategy as soon as a first rate hike as to the front as March, some investors fear. After two years of uncontrolled go forward of its explanation sheet, which fueled the make public rebound and the crypto-currency boom, the prospect of a future dwindling in its bank account sheet is generating a sharp increase in risk sensitivity among traders.