Bitcoin and Crypto Now Brace for a $9 Trillion Fed Earthquake as Ethereum, BNB, Solana, Cardano, XRP, Terra’s Luna, and Avalanche Crater are Priced

Bitcoin BTC and cryptocurrency prices have fallen along with stock markets this year as investors brace for a more hawkish Fed.

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Bitcoin price has lost about 40% from its peak of $70,000 per bitcoin late last year with the price of Ethereum also dropping by nearly half. Other major coins – including Binance’s BNB, Ripple’s XRP XRP, solana, cardano, Terra’s luna and avalanche – also fell, wiping out $1.2 trillion from the combined crypto market in a matter of months.

Now that Federal Reserve Chairman Jerome Powell has indicated that a half-percentage point rate hike is on the table at next week’s meeting, the market is preparing to start the central bank shrinking its massive $9 trillion portfolio of assets as it battles inflation. growing.

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Federal Reserve Chairman Jerome Powell hinted that the central bank is likely to raise interest rates… [+] By half a percentage point at its upcoming meeting, which puts bitcoin, crypto and stock prices under pressure.

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“The overall uncertainty has brought down all risk assets over the past few months, including bitcoin,” Joe Hagenmiller, head of markets at leading crypto finance firm XBTO Group, said in comments via email.

“The price volatility in the bitcoin market over the past few weeks can largely be attributed to its correlation with other risk assets, which have generally been moving in response to the conflict in Ukraine, supply chain issues due to the rise in Covid cases in China, and the ongoing interest rate hikes and machinations of The future balance sheet by the Federal Reserve.”

Early in the Covid-19 pandemic, the Federal Reserve began an unprecedented stimulus program that saw its balance sheet double and interest rates fall to historic lows as it flooded markets with cash in an attempt to offset the economic damage of Covid-19 and shutdowns. As the pandemic began to subside and inflation rose, the Fed focused on trying to calm the economy.

“It is appropriate, in my opinion, to move a little faster [than the Fed has recently]Powell said last week, speaking after a panel discussion with European Central Bank President Christine Lagarde hosted by the International Monetary Fund, adding that he believed there was “something in the idea of ​​forward-loading” to those moves.

However, economic data this week showed the US economy contracted in the first three months of the year, contracting 0.4% in the first quarter, its weakest quarter since the early days of the pandemic.

“This is bullish for risk assets like bitcoin and stocks in my opinion, as the Fed may become less hawkish to avoid a recession,” Marcus Sotirio, an analyst at UK-based digital asset broker GlobalBlock, wrote in an email note.

Traders of bitcoin, cryptocurrency and the stock market are watching cautiously for any indication that the Federal Reserve will turn away from its telegraph move when it meets this week.

“An increase of more than 50 basis points, in deviation from the current consensus, could lead to a decline in risk markets including bitcoin,” Haggenmiller added. “Regardless, the bitcoin market has proven to be relatively resilient over the long term during periods of uncertainty.”

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Bitcoin price drops sharply from all-time high, sending price down another peak… [+] Ten cryptocurrencies: Etherum, BNB, XRP, Solana, Cardano, Luna, and avalanche.

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Meanwhile, the bitcoin and cryptocurrency community has received a series of positive developments this week, including the Central African Republic becoming the second country after El Salvador to adopt bitcoin as a legal tender, and investment giant Fidelity announcing the launch of 401,000 bitcoin accounts.

“Bitcoin has recently reached a new stage of mainstream adoption: companies and countries are now merging bitcoin without waiting for the price of bitcoin to rise,” Alex Adelman, CEO of bitcoin reward app Lolli said.

“This lack of correlation between price action and increased mainstream adoption shows that more and more institutions are absorbing Bitcoin’s immense utility as a currency and store of value and its inevitable powerful role in our financial future.”

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