May 31, 2023
Bitcoin (BTC) US transactions and US $ 38,000 return home sad month cannot escape;  See performance of other cryptocurrencies

Bitcoin (BTC) US transactions and US $ 38,000 return home sad month cannot escape; See performance of other cryptocurrencies

The Bitcoin (BTC) Could not escape the tragic end of US stock markets – 2008 had a performance comparable to the financial crisis and the height of the epidemic. Is too large Cryptocurrency Losses deep in the world on Friday (29) night, returning to $ 38,000.

In the first ten tiers of this market, losses in the last seven days will be between 2% and 10% – and investors are expecting a miracle for Bitcoin next month.

That’s because next week’s Federal Reserve meeting in May. The US Federal Reserve is expected to announce stronger monetary tightness than it did in March.

On that occasion, the central bank raised rates by 25 basis points – the first in three years in a bid to curb US inflation. Now, the contract increase is 50 basis points, raising the interest rate limit from 0.75% to 1.00% per annum.

At about 19:35, bitcoin (BTC) dropped 2.9%A US $ 38,631.95. Check the prices of the major cryptocurrencies in the world:

Name Price 24 hours% 7d%
Bitcoin (BTC) US $ 38,631.95 -2.90% -2.78%
Ethereum (ETH) US $ 2,819.99 -3.84% -4.73%
Tether (USDT) US $ 1.00 -0.01% -0.02%
BNB (BNB) US $ 393.66 -3.21% -3.41%
USD Currency (USDC) US $ 1.00 + 0.01% -0.01%

Federal Reserve against Bitcoin

U.S. monetary easing is expected to begin by early 2022. But the rapid inflation of recent months has put even more caution in the digital property market in recent weeks.

Central Bank President Jerome Powell understands that the US economy is strong enough to withstand high interest rates. In addition, the Monetary Authority may be “behind the curve” of inflation, which requires more drastic measures against inflation.

In other words, a 50 basis point increase is unlikely to end the cycle of rising US rates. Some households report a rise of 3% by the end of 2022.

I turn off the money tap

The stimulus to the economy by American BC will end sooner than expected. In the United States these money “tapping” transactions and cryptocurrencies performed better between 2020 and 2021, and the withdrawal of all these resources should be another factor in exacerbating the market slump.

According to the latest minutes of the Fomc meeting, the US Copom, the Fed will reduce its balance sheet and “get rid” of $ 4.6 trillion in treasuries and mortgage-backed securities accumulated from March 2020.

Crypto Chat # 17 – Bitcoin (BTC) is expected to rise in 2022

Don’t forget to check out the latest crypto chat, in which I talk to Foxbit CEO Jono Kanhata.