MARKET WRAP: Bitcoin (BTC) dropped another 5% on Tuesday as fearful traders await a decision by the U.S. Federal Reserve that will likely hike interest rates by 75 basis points. HeleneBraunn reports
Down for the eighth consecutive day, bitcoin regained little strength after falling to aThe 15% price drop at the start of the week was the biggest since the crash prompted by COVID-19 on March 12, 2020.
Not just bitcoin, but cryptocurrencies of all market cap sizes have suffered in the current sell-off, tracking steep declines in stocks, as Arcane Research noted in a report Tuesday. “We're coming off of about a decade of monetary stimulus and money supply has grown rapidly, and for the first time market participants are getting the punch bowl taken away from them,” said Fundstrat Global Advisors head of digital asset strategy Sean Farrell on CoinDesk TV. “I think we're still going to need to see inflation start to roll over before we can be confident in any run to the upside and relief to the upside.
This leaves traders fearing monetary tightening throughout the year with no break, as Atlanta Fed President Raphael Bostic suggested earlier this month, temporarily buoying crypto markets. Economists at Goldman Sachs now are forecasting 75 basis point rate hikes for both June and July, followed by a 50 basis point increase in September plus a 25 basis point hike in November and in December.
“Investors should be braced for volatility and sticky correlations at least in the coming days,” Arcane researchers wrote.reached 8, signaling extreme fear. While the market has been in extreme fear territory for the 56th consecutive month, this level hasn't been seen since March 2020.
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