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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 supplementary cryptocurrencies collapse ahead of the Fed (BFM Bourse) – Boosted back the beginning of the health crisis by central bank money flowing in, crypto-currencies are misfortune 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 muddled foot in the face of fears of a faster-than-expected monetary tightening by the Fed, their downturn remains extremely 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 era 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 fall is of a certainly different magnitude. After dropping approximately 10% on Friday, the price of bitcoin has yet significantly swayed beyond the weekend, including giving up higher than 4% additional Saturday to slip to a low previously last summer. Over the later week, bitcoin has dropped on top of 11% while ethereum, the second most critical cryptocurrency, has fallen 17%.
And the wreck continues this Monday morning for the two cryptocurrency shout out benchmarks. Shortly after 11:15 a.m., bitcoin is next to another 7.2% to $33,670 afterward ethereum flounders 10.8%
Wind of fright The slip is now taking on spectacular proportions, as bitcoin has dropped 51% since its historic peak in beforehand November at nearly $69,000 per unit. Ethereum is falling in the same.
In the wake of the two spread around benchmarks, the price of all the major crypto-currencies is collapsing – BNB (the token developed by Binance), Cardano and Solana are the length of 29%, 36% and 42% respectively exceeding the last 7 days.
Investors are nevertheless worried and are clearly panicking on the eve of the Fed’s supplementary monetary policy committee meeting, as rumors are rife not quite a realizable tighter monetary policy than initially expected. In an attempt to curb historically high inflation, the central bank could opt for a more uncompromising strategy once a first rate hike as in front as March, some investors fear. After two years of uncontrolled move ahead of its savings account sheet, which fueled the make known rebound and the crypto-currency boom, the prospect of a future lessening in its description sheet is generating a severe increase in risk aversion among traders.