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Bitcoin (BTC) crashes after stocks plummet, focus shifts to Fed

Bitcoin, Ethereum and other major currencies crashed Wednesday night, as the global market value of cryptocurrency lost more than 6.4% to $ 1.2 trillion at the time of the press release.


Price performance of large coins
Coin 24 hours a day 7 days Price
Bitcoin BTC / USD -5.5% -0.1% $ 28,747.98
Ethereum ETH / USD -8.2% -7.6% $ 1,919.34
Dogecoin DOGE / USD -7.2% -1% $ 0.08

Top 24-hour losers (data via CoinMarketCap)
Cryptocurrency 24-hour% change (+/-) Price
TerraUSD (UST) -30,112.6% $ 0.09
chain (KDA) -22% $ 2.30
Helium (HNT) -16.1% $ 7.71

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Why it matters: Cryptocurrencies fell sharply in line with equities, which crashed due to inflation concerns and lower retail revenues than expected on Wednesday.

The Dow closed more than 1,100 points lower or 3.6% to 31,490.07 on Wednesday. The S&P 500 and Nasdaq ended the day 4% and 4.7% lower, respectively.

The interest rate on the benchmark index for 10 years fell below the 3% mark on weak US housing starts, a warning of weakened growth.

GlobalBlock analyst Marcus Sotiriou said that it is unclear what the interest rate increases will look like after July. “The market believes there is a 4.5% chance of no more 50 basis point increases after July and a 36% chance of 1 50 basis points until after July,” Sotiriou said in a note.

Sotiriou said he believes inflation will begin to fall in August, September and October.

There is doubt about that US Federal Reserve would be able to deliver a “soft landing” when fighting inflation, he said Edward Moyasenior market analyst at OANDA.

“Bitcoin was pulled down along with the most risky assets as Wall Street suffered the worst loss in almost two years. Bitcoin remains a risky asset and vulnerable to further pain if de-risking continues tomorrow,” Moya said in an email. seen by Benzinga.

Cryptocurrency markets face systemic problems with stable currencies beyond the macro base. Glassnode tweeted that total supplies of stablecoin have fallen by a total of $ 8.4 billion over the past month, the largest such fall in history.

“This reflects a net capital outflow from space,” said the chain’s research firm.

Cryptocurrency trader Michael van de Poppe said the question remains whether Bitcoin can hold the $ 29,300 level, but said he expects a high-low on the apex coin chart and the asset heading towards the $ 32,800- $ 34,000 level.

Chartist Ali Martinez said 2.24 million addresses bought 26.33 million ETH at $ 2300 and weakness in the asset could cause them to sell, which could see the second largest coin fall to the “main support” of $ 700 where 13.25 million addresses contain 13.1 million coins.

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