Fed uncertainty brings BTC and ETH market down by 6%
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Bitcoin and Ethereum are down 6% as investors remain concerned about the Fed tapering policy and Fed market drops.
Due to the COVID-19 omicron variant, new comments from Fed Chairman Jerome Powell suggest that officials may defer tapering their bond-buying program.
The fed market’s problems from last week have yet to be resolved. According to CoinGecko, Bitcoin and Ethereum were down about 6% from the previous day as of Monday afternoon.
Last week ended with news that Chinese real estate developers Evergrande and Kaisa had failed to make US dollar bond payments, causing stock and cryptocurrency market to fall. According to analyst and trader Alex Kruger, we may also be seeing the impact of “performance fees, bonuses, audits, wash sales, [and] tax loss harvesting” on Friday.
The pressing question now is whether the Fed market Reserve will change its plans to slow down its bond-buying program, ending it in March rather than June. On Monday, the impact was visible in both crypto and traditional markets.
