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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 coming on of the health crisis by central bank grant flowing in, crypto-currencies are pain 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 upon the incorrect foot in the point of fears of a faster-than-expected monetary tightening by the Fed, their downturn remains definitely moderate compared to the ongoing correction in the cryptocurrency market. The Nasdaq is definitely in correction territory (-12.9% since its late November tall 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 supplementary side, on the cryptocurrency market, the halt is of a categorically different magnitude. After dropping approximately 10% on Friday, the price of bitcoin has nevertheless significantly swayed on culmination of the weekend, including giving up higher than 4% additional Saturday to slip to a low past last summer. Over the past week, bitcoin has dropped more than 11% while ethereum, the second most indispensable cryptocurrency, has fallen 17%.
And the wreck continues this Monday hours of daylight for the two cryptocurrency publicize benchmarks. Shortly after 11:15 a.m., bitcoin is all along another 7.2% to $33,670 when ethereum flounders 10.8%
Wind of startle The slip is now taking upon spectacular proportions, as bitcoin has dropped 51% since its historic peak 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 whatever the major crypto-currencies is collapsing – BNB (the token developed by Binance), Cardano and Solana are next to 29%, 36% and 42% respectively greater than the last 7 days.
Investors are still worried and are clearly panicking upon the eve of the Fed’s other monetary policy committee meeting, as rumors are rife more or less a attainable tighter monetary policy than initially expected. In an attempt to curb historically tall inflation, the central bank could opt for a more unfriendly strategy subsequently a first rate hike as into the future as March, some investors fear. After two years of uncontrolled improve of its relation sheet, which fueled the market rebound and the crypto-currency boom, the prospect of a future tapering off in its bill sheet is generating a coarse increase in risk aversion among traders.