Everyone thinks we are mooning which means a drop is incoming. I'm telling you, there is WAYYYY too much bullish sentiment right now. This is most likely the end of a 'c' of 'b' of 2. All things being equal, tighter monetary policy would theoretically make these risk-on assets less attractive. My previous posting still stands, but I've 'zoomed' in to the 4hr chart to provide you more detail. Bitcoin is seen by some investors as a risk-on asset, which generally refers to assets that have a significant degree of price volatility such as industrial metals, equities and commodities. Lennard Neo, head of research at Stack Funds, attributed the cryptocurrency’s recent drop to the market uncertainty leading investors to take risk off the table. The cryptocurrency is down over 30% from its all-time high in November. Some cryptocurrency traders and investors say the stimulus program has bolstered bitcoin’s allure as an inflation hedge, so a reversal of the loose-money policy might be bearish.īitcoin, which tends to trade in tandem with traditional markets, started December around $57,000 and is now trading around the $46,600 mark. Broke parabolic curve Therefore, it is understandable if many bitcoin enthusiasts became worried when the price of the cryptocurrency over the weekend seemed to start falling. It has passed both 15,000 and 16,000, and experts have begun talking about an imminent bull market. The two-day meeting, which starts Tuesday and concludes Wednesday, is expected to end with the Fed announcing plans to cut the pace of its $120 billion-a-month of asset purchases by $30 billion every month, or double the current rate of reduction. The bitcoin price has risen sharply in the last month. central bank is expected to slow down its money printer. Bitcoin, the world’s largest cryptocurrency by market capitalization, was lower as the market prepares for this week’s Federal Reserve monetary policy meeting, where the U.S.
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