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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 back the arrival 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 high 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 enormously moderate compared to the ongoing correction in the cryptocurrency market. The Nasdaq is certainly in correction territory (-12.9% since its late November high 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 extra side, on the cryptocurrency market, the stop is of a totally different magnitude. After dropping approximately 10% on Friday, the price of bitcoin has still significantly swayed greater than the weekend, including giving up higher than 4% additional Saturday to fall to a low before last summer. Over the past week, bitcoin has dropped higher than 11% while ethereum, the second most essential cryptocurrency, has fallen 17%.
And the wreck continues this Monday day for the two cryptocurrency announce benchmarks. Shortly after 11:15 a.m., bitcoin is all along another 7.2% to $33,670 considering ethereum flounders 10.8%
Wind of distress signal The slip is now taking on spectacular proportions, as bitcoin has dropped 51% since its historic culmination in in the future November at nearly $69,000 per unit. Ethereum is falling in the same.
In the wake of the two shout out benchmarks, the price of all the major crypto-currencies is collapsing – BNB (the token developed by Binance), Cardano and Solana are beside 29%, 36% and 42% respectively on summit of the last 7 days.
Investors are yet worried and are usefully panicking upon the eve of the Fed’s further monetary policy committee meeting, as rumors are rife roughly a feasible tighter monetary policy than initially expected. In an attempt to curb historically high inflation, the central bank could opt for a more harsh strategy later than a first rate hike as before as March, some investors fear. After two years of uncontrolled early payment of its balance sheet, which fueled the make public rebound and the crypto-currency boom, the prospect of a future tapering off in its story sheet is generating a gruff increase in risk allergic reaction among traders.