Bitcoin slides 7%, other cryptocurrencies drop after global stocks fall on hawkish Fed minutes
A representations of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken May 19, 2021.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.The crypto sell-off comes after stocks fell on Wednesday following the
in which the central bank indicated it would dial back its supportive monetary policy, including reducing the amount of bonds it holds.Meanwhile, the benchmarkGrowth 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."
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Nasdaq posts biggest daily drop since Feb after 'hawkish' Fed minutesU.S. stocks fell sharply on Wednesday, with the Nasdaq plunging more than 3% in its biggest one-day percentage drop since February, after U.S. Federal Reserve meeting minutes signaled the central bank may raise interest rates sooner than expected.
Lire la suite »
Global Markets Slump on Hawkish Fed MinutesShares in Asia-Pacific fell sharply on Thursday, following in the footsteps of the U.S. overnight. Europe also opened lower and oil prices dipped.
Lire la suite »
Futures subdued as tech stocks extend fall; Fed minutes awaitedU.S. stock index futures were subdued on Wednesday ahead of minutes from the Federal Reserve's December meeting, even as big technology stocks continued to fall, with Salesforce.com declining after a brokerage downgrade.
Lire la suite »
Peru proposes a bill to regulate Bitcoin and other cryptocurrenciesA bill aimed at providing a legal foundation for the cryptocurrency market has been submitted to the Peruvian Congress, which... Continue reading
Lire la suite »
Bitcoin price drops to $43.7K after Fed minutes re-confirm plans to hike ratesBitcoin price slipped below $44,000 shortly after notes from the Federal Reserve’s December FOMC session re-confirmed plans to get the balance sheet under control.
Lire la suite »
First Mover Asia: Bitcoin Falls Below $44K After Fed Minutes Release.Bitcoin fell below $44,000, after minutes of the U.S. Federal Reserve’s December meeting were released. MuyaoShen and DantesOutlookn report.
Lire la suite »