BITCOIN FELL BELOW $ 43,000 - WHAT IS HAPPENING?

Posted 06 January, 2022

Bitcoin fell almost 6% on Wednesday, accelerating its decline following the publication of minutes of the last meeting of the US Federal Reserve. The decline continued on Thursday and BTC hit monthly lows below $ 43,000.

Over the past day, the first cryptocurrency has lost 6.6%, altcoins from the top ten have undergone an even greater sale. The total cryptocurrency market capitalization has dropped by 7.9% over the past 24 hours.

Bitcoin broke through the support level of recent weeks near $ 45,500 on Wednesday at the time of the release of the minutes of the December meeting of the Fed. The first cryptocurrency went on sale along with stocks, currencies, and gold. At the same time, the US dollar moved to strengthen, leveling out almost all the losses of the day.

The minutes of the Fed meeting showed that the central bank leaders may decide to raise rates as early as March. FOMC members expressed concern about inflation and said the labor market is approaching full employment.

Fueled by monetary incentives, Bitcoin and other financial markets have grown over the past year, and the changing situation remains one of the main fears of traders.

Bitcoin was also hit on Wednesday by the shutdown of the Internet in Kazakhstan due to the riots in the country. BTC's hash rate fell 12%.

Kazakhstan has emerged as a major hub for computing power for bitcoin mining since the Chinese government banned mining last year. According to Cambridge University estimates, Kazakhstan accounted for about 18% of the global BTC hash rate in August.

Meanwhile, Goldman Sachs believes that Bitcoin could reach $ 100,000 in the coming years if it occupies half of the store of value, pushing back gold. At the moment, this figure for BTC is 20%.

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