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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 extra cryptocurrencies collapse ahead of the Fed (BFM Bourse) – Boosted since the start of the health crisis by central bank allowance flowing in, crypto-currencies are burden 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 turn 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 utterly in correction territory (-12.9% since its late November high at Friday’s close) for the first time 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 halt is of a utterly different magnitude. After dropping approximately 10% on Friday, the price of bitcoin has still significantly swayed beyond the weekend, including giving up beyond 4% additional Saturday to fall to a low past last summer. Over the with week, bitcoin has dropped higher than 11% while ethereum, the second most valuable cryptocurrency, has fallen 17%.
And the crash continues this Monday hours of daylight for the two cryptocurrency publicize benchmarks. Shortly after 11:15 a.m., bitcoin is the length of another 7.2% to $33,670 in the same way as ethereum flounders 10.8%
Wind of radio alarm The slip is now taking on spectacular proportions, as bitcoin has dropped 51% since its historic culmination in prematurely November at nearly $69,000 per unit. Ethereum is falling in the same.
In the wake of the two shout from the rooftops 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 on top of the last 7 days.
Investors are still worried and are helpfully panicking upon the eve of the Fed’s further monetary policy committee meeting, as rumors are rife nearly a doable tighter monetary policy than initially expected. In an attempt to curb historically high inflation, the central bank could opt for a more unfriendly strategy in imitation of a first rate hike as forward as March, some investors fear. After two years of uncontrolled progress of its financial credit sheet, which fueled the publicize rebound and the crypto-currency boom, the prospect of a future tapering off in its tally sheet is generating a severe increase in risk aversion among traders.