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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 new cryptocurrencies collapse ahead of the Fed (BFM Bourse) – Boosted since the arrival of the health crisis by central bank maintenance flowing in, crypto-currencies are problem 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 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 extremely 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 further side, on the cryptocurrency market, the terminate is of a entirely different magnitude. After dropping approximately 10% on Friday, the price of bitcoin has nevertheless significantly swayed higher than the weekend, including giving up beyond 4% additional Saturday to slip to a low before last summer. Over the when week, bitcoin has dropped on summit of 11% while ethereum, the second most indispensable cryptocurrency, has fallen 17%.
And the wreck continues this Monday morning for the two cryptocurrency make known benchmarks. Shortly after 11:15 a.m., bitcoin is the length of another 7.2% to $33,670 subsequently ethereum flounders 10.8%
Wind of panic The slip is now taking on spectacular proportions, as bitcoin has dropped 51% since its historic culmination in in advance November at nearly $69,000 per unit. Ethereum is falling in the same.
In the wake of the two make known benchmarks, the price of everything the major crypto-currencies is collapsing – BNB (the token developed by Binance), Cardano and Solana are by the side of 29%, 36% and 42% respectively over the last 7 days.
Investors are yet worried and are straightforwardly panicking upon the eve of the Fed’s extra monetary policy committee meeting, as rumors are rife not quite a reachable tighter monetary policy than initially expected. In an attempt to curb historically tall inflation, the central bank could opt for a more brusque strategy following a first rate hike as in front as March, some investors fear. After two years of uncontrolled move on of its report sheet, which fueled the market rebound and the crypto-currency boom, the prospect of a future point in its bank account sheet is generating a harsh increase in risk reaction among traders.