The Reason for the Decline in Cryptocurrencies Has Been Determined! Will Bitcoin (BTC) Doge and Shiba Inu Continue to Fall?
The calls of the executives of the leading cryptocurrency exchanges to testify in the US House of Representatives and the tight monetary policy messages of the Fed triggered the sharp decline in the market. Source: The Reason for the Decline in Cryptocurrency Has Been Revealed! Will Bitcoin (BTC) Doge and Shiba Inu Continue to Fall?
Bitcoin, the world's most valuable cryptocurrency, experienced a sudden collapse in parallel with the earthquake in the crypto market yesterday. The crypto money, which has lost more than 20 percent in value in the last 24 hours, has partially recovered as of today and has seen above the level of 49 thousand dollars. Bitcoin, which was pulled to the level of 45 thousand dollars yesterday, saw its lowest level since September 30.
The large value range in the market has dealt another blow to the desire of investors to see Bitcoin as a safe haven. It was also stated that a total of $ 2.5 billion liquidation was experienced due to the harsh panic atmosphere created by the tension in the crypto markets. In addition, the 20 percent value range in Bitcoin was the largest level of volatility seen since January. Source: The Reason for the Decline in Cryptocurrency Has Been Revealed! Will Bitcoin (BTC) Doge and Shiba Inu Continue to Fall?
The second largest cryptocurrency, Ethereum, has managed to remain partially strong against Bitcoin in the last 24 hours. During the sharp decline in the markets, Ethereum, which saw below $ 4 thousand yesterday for a while, separated from Bitcoin and managed to recover more strongly. With the effect of the recovery, Ethereum continued to trade above the level of $ 4 thousand 100.
WHY DO CRYPTO COINS FALL?
It is among the factors affecting the crypto markets that the Omicron variant of the corona virus reduces the risk appetite, along with the acceleration of the asset reduction by abandoning the emphasis on the volatility in inflation and the expected rate hikes in 2022. The fact that he was summoned to testify at the Financial Services Committee is another development that caused concern in the markets. The Chairman of the Committee, Maxine Waters, is known for her criticisms against cryptocurrencies due to the fact that it is an unregulated market.
WILL THE DECREASE CONTINUE?
Messages to the Fed meeting to be held on December 14-15 will be closely followed by investors. The Fed's speeding up ending its asset purchase program and pushing the interest rate hike schedule forward may affect the market even more. It is stated that the possible policy changes of the Fed may have a significant impact on the cryptocurrency markets. If that doesn't happen, we can revisit the July lows of $30,000 to $35,000," he said. Source: The Reason for the Decline in Cryptocurrency Has Been Revealed! Will Bitcoin (BTC) Doge and Shiba Inu Continue to Fall?