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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 other cryptocurrencies collapse ahead of the Fed (BFM Bourse) – Boosted in the past the initiation of the health crisis by central bank keep flowing in, crypto-currencies are hardship 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 on the muddled foot in the point of view of fears of a faster-than-expected monetary tightening by the Fed, their downturn remains unconditionally moderate compared to the ongoing correction in the cryptocurrency market. The Nasdaq is certainly in correction territory (-12.9% since its late November tall at Friday’s close) for the first epoch since March 2020, but the S&P (-8.3%) is not there yet, and the CAC 40 even less so.
On the new side, on the cryptocurrency market, the decrease is of a totally different magnitude. After dropping nearly 10% on Friday, the price of bitcoin has still significantly swayed higher than the weekend, including giving up over 4% additional Saturday to fall to a low before last summer. Over the in imitation of week, bitcoin has dropped higher than 11% while ethereum, the second most critical cryptocurrency, has fallen 17%.
And the wreck continues this Monday day for the two cryptocurrency shout from the rooftops benchmarks. Shortly after 11:15 a.m., bitcoin is beside another 7.2% to $33,670 behind ethereum flounders 10.8%
Wind of distress The fall is now taking on spectacular proportions, as bitcoin has dropped 51% since its historic zenith in in 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 anything the major crypto-currencies is collapsing – BNB (the token developed by Binance), Cardano and Solana are down 29%, 36% and 42% respectively higher than the last 7 days.
Investors are nevertheless worried and are helpfully panicking on the eve of the Fed’s further monetary policy committee meeting, as rumors are rife about a possible tighter monetary policy than initially expected. In an attempt to curb historically tall inflation, the central bank could opt for a more aggressive strategy subsequent to a first rate hike as to the fore as March, some investors fear. After two years of uncontrolled move forward of its story sheet, which fueled the broadcast rebound and the crypto-currency boom, the prospect of a future narrowing in its bank account sheet is generating a gruff increase in risk aversion among traders.