Bitcoin slides about 7%, other cryptocurrencies drop after global stocks fall on hawkish Fed minutes

today01/06/2022 16

Background
share close
AD

Bitcoin slides about 7%, other cryptocurrencies drop after global stocks fall on hawkish Fed minutes

Via CNBC.com:

Bitcoin and other cryptocurrencies fell sharply on Thursday as hawkish minutes from the Federal Reserve’s December meeting hit global risk assets.

Bitcoin was trading at just below $43,200 at 2:59 a.m. ET on Thursday, down nearly 7% from the 24 hours previous, according to CoinDesk data. It fell as low as $42,503.88 in the last 24 hours, the lowest level in more than a month.

Other cryptocurrencies fell too. Ether dropped nearly 10% to $3,452.58

The crypto sell-off comes after stocks fell on Wednesday following the release of minutes from the Fed’s December meeting in which the central bank indicated it would dial back its supportive monetary policy, including reducing the amount of bonds it holds.

The Fed also indicated that it may have to raise interest rates sooner than expected.

Meanwhile, the benchmark 10-year Treasury yield ticked above 1.7% on Wednesday.

Growth assets such as technology stocks tend to be hit when rates rise, as future earnings becomes less attractive to investors when yields are higher. That sentiment has filtered through to cryptocurrencies, which are seen as risker assets.

“Overall, I think the global markets have shown weakness in light of the recent Fed moves to raise interest rates. Hence, I do think the drop yesterday is quite correlated. We’ve seen U.S. markets fall yesterday and as a result, all other risk asset classes fared equally poorly including crypto,” said Vijay Ayyar, vice president of corporate development and international at cryptocurrency exchange Luno.

“Specifically with regard to Bitcoin and crypto, the last 4 weeks have seen some weak price action owing to a lack of interest/demand, holiday season and potentially similar factors.”


Our Readers And Listeners Keep Us In Print & On The Air!

Click here to subscribe to The CRUSADE Channel’s Founders Pass Member Service & Gain 24/7 Access to Our Premium, New Talk Radio Service. www.crusadechannel.com/go

What Is The Crusade Channel?

The CRUSADE Channel, The Last LIVE! Radio Station Standing begins our LIVE programming with our all original CRUSADE Channel News hosted by Ron Staffard. Coupled with Mike “The King Dude” Church entertaining you during your morning drive and Rick Barrett giving you the news of the day and the narrative that will follow during your lunch break and Kennedy Hall and The Kennedy Profession for your afternoon drive! 

We’ve interviewed hundreds of guests, seen Brother Andre Marie notch his 200th broadcast of Reconquest; The Mike Church Show over 1200 episodes; launched an original LIVE! News Service; written and produced 4 Feature Length original dramas including The Last Confession of Sherlock Holmes and set sail on the coolest radio product ever, the 5 Minute Mysteries series! 

Now that you have discovered The Crusade, get30 days for FREE of our premium News-Talk Radio service just head to:

https://crusadechannel.com/go 

Did you know about cryptocurrencies?  If you are interested in supporting small business, be sure to check out the official store of the Crusade Channel, the Founders Tradin Post! Not to mention our amazing collection of DVD’s, Cigars, T-Shirts, bumper stickers and other unique selection of items selected by Mike Church!

AD

Written by: LoneRhody

Post comments (0)

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

AD
AD
0%
0
Would love your thoughts, please comment.x
()
x