Bitcoin drops below $23,000 as Fed says inflation persists. Top 10 Cryptocurrencies Falling the Most

news7f02/09/2023

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Bitcoin drops below $23,000 as Fed says inflation persists. Top 10 Cryptocurrencies Falling the Most

Bitcoin slipped back below $23,000 on Thursday morning in Asia, tracking the drop in the US stock market overnight amid Federal Reserve officials commenting that the war inflation control is far from over. Ether fell along with most of the other top 10 non-stablecoin cryptocurrencies, with Polygon being the only one on the list to move higher.

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Bitcoin fell 1.4% to $22,945 in the 24 hours to 8am in Hong Kong, bringing its losses over the past seven days to 3.28%. Ether lost 2.3% to $1,650, but gained 0.6% in the same week, according to data from CoinMarketCap.
Polygon surged 2.8% to $1.30, bringing its seven-day gain to 9.2% on the token’s network expansion. The DeGens . Polygon Campaign launched on Tuesday and has decentralized finance (DeFi) applications on the Polygon blockchain. Non-fungible token service (NFT) Premint added support for Polygon on Wednesday, and the network announced on Tuesday that there are 1.64 million active wallets in use Social Apps Web3.
The Shiba Inu token fell 4.4% to US$0.00001375 to post the biggest loss on CoinMarketCap’s list, but the Dogecoin clone token is still up 14.7% over the past week.
Cryptocurrency market capitalization fell 1.2% to $1.07 trillion in 24 hours, with total trading volume down 3% to $58.69 billion.
Henry Liu, chief executive officer of BTSE, a crypto exchange based in the British Virgin Islands, said that the broader crypto market is still in a recovery trend following a sharp drop in prices in 2018. last month, pointing to a 30% plus increase in Bitcoin and Ether prices over the past month. “This trend is likely to continue in the near-term, helping BTC break through the extremely important psychological threshold of $25,000. If this happens, a bull run could be imminent,” he said in an emailed statement to fork.
US stocks fell on Wednesday. The Dow Jones Industrial Average lost 0.6%, the S&P 500 Index lost 1.1% and the Nasdaq Composite Index dropped 1.7%.
Macroeconomic trends remain the focus for crypto and equity investors. Governor of the Federal Reserve Christopher Waller said on Wednesday that interest rates may need to go higher to control inflation during a speech at an agribusiness conference at Arkansas State University. He did not say how much.
New York Fed President John Williams says in an interview with The Wall Street Journal that interest rates may need to remain “limited” for a number of years to keep inflation at pre-pandemic levels, although he said he also agrees with the Fed’s recent decision to raise rates only 25 points. basis in the January meeting last week.
Chairman of the Federal Reserve Jerome Powell also said at the Economic Club of Washington this week that while deflation has begun in the US economy, much remains to be done to bring inflation back to acceptable levels.
Analysts at CME Group predict a more than 90% chance that the Fed will raise rates by 25 basis points at its next meeting in March. US interest rates are currently at 4.5% to 4.75%, to a 15-year high, and Fed officials have repeatedly indicated they could raise rates by as much as 5%.
(Fix the Bitcoin price in the first point.)