Bitcoin suddenly plunged below $91,000 per bitcoin, raising alarms that the Federal Reserve may be on the verge of triggering a crash in bitcoin prices.
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The price of bitcoin has fallen sharply from its peak of nearly $110,000 per bitcoin following Donald Trump’s election victory, although Trump has confirmed that he plans to turn the tide on bitcoin’s price.
Now, as the Fed has been warned of a looming crisis, bitcoin and crypto traders are nervously watching whether the combined crypto market will fall below the key $3.2 trillion level.
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The price of bitcoin suddenly fell below $91,000 per bitcoin, sparking fears of an impending cryptocurrency. … (+)
“The start of the new year has not been easy for the crypto market,” said Alex Kuptsikevich, chief market analyst at FxPro, in an emailed note.
“The next target for the bears appears to be the $88,000 area. And in a negative scenario, bitcoin will face a rapid pullback to $74,000.”
The bitcoin and crypto market has struggled to hold on to gains following Trump’s election, with momentum sapped by a series of positive economic updates that mean the Federal Reserve is less likely to cut rates of interest this year.
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The price of bitcoin has fallen sharply over the past month, dragging the broader crypto market down and … (+)
“Losing more than 2% in 24 hours to $3.22 trillion, the market has returned to the bottom of the consolidation range since late November,” Kuptsikevich wrote.
“The promising start to the year did not materialize. It is with some apprehension that we now witness the eighth attempt to cross the $3.2 trillion mark. This unease is compounded by the fact that the dynamic bullish trend last week failed to develop, only attracting sellers.
The combined crypto market hit a record high of nearly $4 trillion following Trump’s presidential election victory, as traders and investors cheered the new administration’s pro-crypto agenda .
