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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 before the dawn of the health crisis by central bank child maintenance 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 upon the muddled foot in the approach of fears of a faster-than-expected monetary tightening by the Fed, their downturn remains no question 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 epoch 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 grow less is of a no question 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 before last summer. Over the following week, bitcoin has dropped more than 11% while ethereum, the second most essential cryptocurrency, has fallen 17%.
And the crash continues this Monday morning for the two cryptocurrency market benchmarks. Shortly after 11:15 a.m., bitcoin is down another 7.2% to $33,670 with ethereum flounders 10.8%
Wind of alarm bell The slip is now taking upon spectacular proportions, as bitcoin has dropped 51% since its historic top in beforehand 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 all 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 still worried and are usefully panicking on the eve of the Fed’s further monetary policy committee meeting, as rumors are rife more or less a viable tighter monetary policy than initially expected. In an try to curb historically tall inflation, the central bank could opt for a more rough strategy following a first rate hike as to the lead as March, some investors fear. After two years of uncontrolled proceed of its credit sheet, which fueled the make public rebound and the crypto-currency boom, the prospect of a future tapering off in its report sheet is generating a unfriendly increase in risk hypersensitivity among traders.