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2 major reasons behind the crashing price of Bitcoin

 


Bitcoin is going to a downward phase with its prices declining with equity futures and stocks due to strict gripping of Federal Reserve policy anticipation. The dominance of this foremost crypto coin seems to be sweeping and is giving golden chance to its competitor altcoins to rise above it. And the one main contender is none other than Ethereum, the well-known second most popular cryptocurrency. The foremost cryptocurrency has slipped to $33K in less than 3 months from $69K. Well, there must be some reasons that have led to the downward price graph of Bitcoin. Here are those:


Federal Reserve


The federal reserve has indicated the beginning of interest rates very soon. It would then lessen the bond holdings after the starting of liftoff going towards to finish ultra-simple pandemic support in combating the major inflation in a generation. Another is the Fed is giving more weightage on issuing government fiat coin CBDC, or central bank digital currency.


Uncertainty in markets


According to the CEO and co-founder of Vauld, Darshan Bathija, the uncertainty in crypto markets and the add-on problem of Omicron variant spread is one major reason behind the fall of Bitcoin price. He also added that that situation will prompt many investors in taking advantage of this price fall, whereas some will make an attempt in chopping their losses, which would result in sellers going mad.


Keep tracking the news on cryptocurrencies on Cryptoknowmics and also do find out about the top Indian Bitcoin owners.


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