Bitcoin will fall another 8% as cryptocurrencies expand their steep losses

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Alec Monopoly will paint Bitcoin on murals at the North American Bitcoin Conference on January 18, 2022 at the James L Night Center in Miami, Florida.

Joe Ladle | Getty Images

Cryptocurrencies continued their dramatic slides on Saturday, with Bitcoin losing almost half of its value since it hit its November highs.

BitcoinThe world’s most valuable cryptocurrency by market value fell about 8% on Saturday, just above $ 35,000. The coin hit a record high of $ 69,000 in November.

in the meantime, etherThe second largest cryptocurrency by market capitalization, traded at around $ 2,400, down about 10%.

The loss is Thursday dip In the stock market. With cryptocurrencies and traditional stocks declining this month, investors are worried about how the Fed’s expected rise in interest rates will affect the market.

A common Bitcoin investment case is that it acts as a hedge against rising inflation as a result of government stimulus. Analysts say risk that is More hawkish Fed May remove the wind from the sails of the crypto market.

There are also concerns that US regulators will crack down on digital currencies further.

At the beginning of the week, the Central Bank of Russia proposed banning the use and mining of cryptocurrencies. Authorities argued that it threatened fiscal stability, civil well-being, and the sovereignty of its monetary policy.U.S. authorities Clampdown About certain aspects of the market.

— CNBC’s Weizhen Tan contributed to this report.

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Bitcoin will fall another 8% as cryptocurrencies expand their steep losses

Source link Bitcoin will fall another 8% as cryptocurrencies expand their steep losses

The post Bitcoin will fall another 8% as cryptocurrencies expand their steep losses appeared first on Eminetra.

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