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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 additional cryptocurrencies collapse ahead of the Fed (BFM Bourse) – Boosted back the start of the health crisis by central bank maintenance flowing in, crypto-currencies are trouble 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 slant of fears of a faster-than-expected monetary tightening by the Fed, their downturn remains categorically moderate compared to the ongoing correction in the cryptocurrency market. The Nasdaq is utterly 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 further side, on the cryptocurrency market, the decline is of a categorically different magnitude. After dropping nearly 10% on Friday, the price of bitcoin has yet significantly swayed more than the weekend, including giving up beyond 4% additional Saturday to slip to a low previously last summer. Over the behind week, bitcoin has dropped beyond 11% while ethereum, the second most critical cryptocurrency, has fallen 17%.
And the wreck continues this Monday daylight for the two cryptocurrency puff benchmarks. Shortly after 11:15 a.m., bitcoin is next to another 7.2% to $33,670 considering ethereum flounders 10.8%
Wind of alarm bell The slip is now taking upon spectacular proportions, as bitcoin has dropped 51% since its historic pinnacle in early November at nearly $69,000 per unit. Ethereum is falling in the same.
In the wake of the two market 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 greater than the last 7 days.
Investors are still worried and are suitably panicking on the eve of the Fed’s new monetary policy committee meeting, as rumors are rife practically a realistic tighter monetary policy than initially expected. In an attempt to curb historically high inflation, the central bank could opt for a more coarse strategy considering a first rate hike as forward as March, some investors fear. After two years of uncontrolled early payment of its story sheet, which fueled the make public rebound and the crypto-currency boom, the prospect of a future point in its savings account sheet is generating a aggressive increase in risk hypersensitivity among traders.