Cryptocurrency Now Bracing for Fed Earthquake After Huge $1 Trillion Crash Due to Crash of Bitcoin, Ethereum, BNB, Solana, Cardano, XRP, Tron and Avalanche

Bitcoin BTC and cryptocurrency prices have stabilized after the massive crash during April that wiped out nearly $1 trillion from the common cryptocurrency market — due to the massive crash of cryptocurrencies and the increasingly hawkish stance of the Federal Reserve.

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Bitcoin price has fallen to its lowest level since last summer, hovering around $30,000 per bitcoin. Ethereum and smaller cryptocurrencies, BNB BNB, solana, cardano, XRP XRP, tron, and the avalanche took an even bigger hit from the selloff, with the price of Ethereum dropping more than 60% from all-time highs.

Now, as the Federal Reserve presses ahead with rate hikes to break inflation and a balance sheet reduction program, one closely watched cryptocurrency analyst has predicted that bitcoin will be “one of the best assets on the planet” once risky assets begin to recover and the bank turns around. Federal Reserve to pacifist.

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More serious warnings issued regarding major bitcoin exchange Binance and Ethereum rival BNB after SEC Bombshell hits its price

Federal Reserve Chairman Jerome Powell said he would support an increase in interest rates until inflation… [+] Levels off, with traders fearful that a hawkish Fed could continue to impact the price of bitcoin, ethereum, BNB, solana, cardano, XRP, tron, avalanche and other cryptocurrencies.

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“I think some of the best assets will be gold, long US bonds, and bitcoin,” Mike McGlone, chief commodity strategist at Bloomberg Intelligence told Kitco News, reiterating his prediction for a $100,000 bitcoin price by 2025. “

Although bitcoin may head lower in the short term, McGlone said he expects bitcoin and ethereum to eventually outperform.

“Right now, I fully expect Bitcoin to trade lower. I don’t know how much lower… but what I fully anticipate is that when we see what the foundation looks like, that will happen, Bitcoin and Ethereum should come out because they have outperformed for a long time.”

The Fed said at the end of last year that it would start raising interest rates to combat persistently higher inflation than expected. Inflation eased slightly to 8.3% in April but remained at its highest levels in several decades.

The threat of raising interest rates – which have been slashed to historic lows by the COVID-19 pandemic – has kept the stock market and cryptocurrency sell-offs on track, with tech companies that surged during the pandemic leading the declines.

“The Fed’s rate hike addresses the need for lower inflation and asset risk, and once things settle down, we see bitcoin coming in,” McGlone wrote in a note this week.

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More FORBES Crypto Price Predictions: Here’s When Bitcoin Could See a ‘Significant’ Bounce — And Why Ethereum Could Be “In Trouble”

The price of Bitcoin has oscillated dramatically over the past year, rising to nearly $70,000 before the crash… [+] It comes back around $30,000. Ethereum and other major currencies BNB, XRP, solana, cardano, tron ​​and avalanche all saw similar fluctuations.

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This week, billionaire investor Ray Dalio said he expects the Federal Reserve and central banks around the world to start cutting interest rates again as soon as 2024 due to stagflation — a combination of high inflation and low growth — hitting the global economy.

“We are in a tightening position that could cause corrections or downside moves for many financial assets,” Dalio, founder and chief information officer at Bridgewater Associates, told the Australian Financial Review. The pain of that will become great and that will force central banks to back off again, perhaps nowhere near the next presidential election in 2024.”

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