Cryptoes get cheaper on prospects of the US Federal Reserve policy tightening

The upcoming tightening of the Fed’s monetary policy is putting pressure on the cryptocurrency market. Since the beginning of the year, bitcoin and ether, the most prevalent cryptocurrencies, have already fallen in price by 9.4% and 14.5%, respectively. The fall in the cryptocurrency exchange rate had a negative influence on the companies’ share prices related to the cryptocurrency market. Thus, Coinbase securities fell by 13%, Marathon Digital – by more than 24%. Riot Blockchain’s share price is down almost 22%. At the auction on Thursday, the bitcoin rate rose slightly. It rose to $42,027, or 1.3%. Plenty of experts predicts high volatility in the Bitcoin and other crypto markets as the rhetoric of Fed officials remains “hawkish”. With an elevated probability, the US Federal Reserve starts raising interest rates in March and actively curtails the American economic assistance plan. Since last November, the cryptocurrency market capitalization has fallen by almost 34% to $1 trillion 970 billion, according to CoinMarketCap.

author

About author

Arseny Kudrin

Publicist, trader

Read previous post
← Producer prices in Germany soared by more than 24% in December
Read next post
Eurozone inflation reached 5% in December →
Get the best solution for your forex company. Please, submit the form below and we will get back to you within 24 – 48 hours.