“People are scared” – Cryptocurrency prepares for another Fed earthquake after Bitcoin and Ethereum’s $2 trillion price crash

Bitcoin BTC, Ethereum and cryptocurrency prices rebounded again this week after the brutal crash that wiped out $2 trillion from the common cryptocurrency market.

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Bitcoin price fell below the key level of $20,000 per bitcoin over the weekend (something that some influential traders fear) before rallying again. Meanwhile, Ethereum fell below $1,000 per ether for the first time since January 2021 as the network prepares for a controversial upgrade.

Now, after the Federal Reserve surprised the markets with the largest interest rate hike since the 1990s, billionaire CEO of crypto exchange FTX Sam Bankman-Fried has blamed the Federal Reserve for the crash in bitcoin and cryptocurrency prices and warned people to “be afraid” before then. . The highly anticipated testimony of Federal Reserve Chairman Jerome Powell tomorrow.

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Elon Musk Suddenly Faced With Massive $258 Billion Lawsuit Over Dogecoin Crypto Pyramid Scheme Amid Devastating Bitcoin and Ethereum Price Crash

This month, Federal Reserve Chairman Jerome Powell announced the largest interest rate increase since… [+] 1994, led to the collapse of the price of Bitcoin, Ethereum, and the broader crypto market.

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“Literally, the markets are scared,” Bankman-Fried, often known as SBF, told NPR this week. “People who have money are afraid.”

Bitcoin and cryptocurrency prices have collapsed along with stock markets in recent months, with the S&P 500 plunging into a bear market last week, weighed down by tech companies that surged during the pandemic era.

“The primary driver for this was the Fed,” the Fed said, adding that Powell was “stuck between a rock and a hard place” as he struggled to bring down spiraling inflation that accelerated to 8.6% in May, a surprising 40-year high.

On Wednesday, Powell will speak before the Senate Banking Committee in the first two days of the semi-annual testimony on monetary policy where he expects to outline the extent and speed the Fed can go to combat inflation while trying not to trigger a recession.

“The [Fed’s] The commitment to restore price stability — which is essential to maintaining a strong labor market — is unconditional,” the Fed wrote in its twice-yearly monetary policy report to Congress last week.

After the Federal Reserve raised its benchmark interest rate by 75 basis points for the first time in nearly three decades last week, new economic forecasts reveal that policymakers expect interest rates to reach 3.4% by the end of 2022 — their highest level in a year. 2008.

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

Bitcoin price jumped 5% in the past 24 hours, rising again above a closely watched level… [+] $20,000 per bitcoin level and help ethereum and altcoins rise.

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The mood among crypto-market watchers is bleak despite this week’s Bitcoin price rebound.

“The bear market is likely to continue until we hear the first signals from the Federal Reserve to halt the tightening of policy,” Alex Kuptsikevich, chief market analyst at FxPro, said by email.

“What should be noted is that important options expiration will appear in the next few days, so volatility can be anticipated, but the overall trend is likely to remain bearish until we see the Fed change or at least loosen its position in July. [rate-setting] FOMC Meeting,” Joe DiPasquale, CEO of bitcoin and cryptocurrency hedge fund BitBull Capital, wrote in comments via email.

Sources 1/ https://Google.com/ 2/ https://www.forbes.com/sites/billybambrough/2022/06/21/people-are-scared-crypto-braced-for-a-fresh-fed-earthquake-after-2-trillion-bitcoin-and-ethereum-price-crash/ The mention sources can contact us to remove/changing this article

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