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Bitcoin, ether near multi-month lows following hawkish Fed minutes

Alex Lowe by Alex Lowe
January 6, 2022
in Cryptocurrency News
0

Home » Bitcoin, ether near multi-month lows following hawkish Fed minutes

A representation of virtual cryptocurrency Bitcoin is placed on U.S. Dollar banknotes in this illustration taken November 28, 2021. REUTERS/Dado Ruvic/Illustration

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HONG KONG, Jan 6 (Reuters) – Bitcoin fell below $43,000 on Thursday, testing multi-month lows after minutes from the Federal Reserve’s last meeting showed it leaning toward more aggressive policy action, which sapped investor appetite for riskier assets.

The world’s largest cryptocurrency was last at $42,700, down 1.7%, having lost 5.2% on Wednesday. A break below last month’s trough of $42,000 would make it the weakest since September.

The token hit a record high of $69,000 in November.

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The fall “correlated with the ‘risk off’ move across most traditional asset classes,” said Matt Dibb, COO of Singapore-based crypto fund distributor, Stack Funds, pointing to the declines in the Nasdaq (.IXIC) in particular.

Moves in cryptocurrency markets are becoming more aligned with those in traditional markets as the number of institutions trading both crypto and other assets grows.

The Nasdaq plunged more than 3% overnight in its biggest one-day percentage drop since February, after Fed minutes showed U.S. policymakers had discussed reducing the bank’s balance sheet at their December meeting, when they also decided to accelerate finishing their bond buying programme. read more

Share markets in Asia sold off on Thursday as well, while U.S. Treasury yields edged higher.

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Ether , the world’s second-largest cryptocurrency which underpins the ethereum network, lost 5.2% on Wednesday, and touched its lowest level since October, before bouncing back slightly to $3,460.

Crypto analysts were also watching to see whether anti-government protests in Kazakhstan, which were initially sparked by rising fuel prices, would affect the bitcoin network. read more

The central Asian nation was the world’s second-largest centre for bitcoin mining, Britain’s Cambridge Centre for Alternative Finance said last year.

The Kazakh government late last year began cracking down on some miners, fearing the energy-intensive process was using too much power. read more

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Reporting by Alun John; Editing by Sam Holmes

Our Standards: The Thomson Reuters Trust Principles.

Stock Market, Latest News on C N N.

Tags: BitcoinCRYCURCryptocurrencyEF:BUSINESS-FUTURE-OF-MONEYFINTEFRXFTECHtechTECH08TMTTOPNWS
Alex Lowe

Alex Lowe

Alex is a financial writer covering forex. He is a expert financial journalist whose credits include Bloomberg, FT of London, Chicago Tribune. Contact: [email protected]

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