Stay tuned for more volatility in the cryptocurrency market…Learn why!
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Answer Stay tuned for more volatility in the cryptocurrency market…Learn why!
After a strong showing in March and early April, the cryptocurrency market has been under heavy pressure lately!
Currently, investors are keen to move their money to less risky assets, inflation figures are skyrocketing and the Federal Reserve is ready to tighten market liquidity by raising interest rates.
Over the past two days, the cryptocurrency market has eroded $170 billion of investor wealth.
Bitcoin and the broader crypto market fell causing the market to lose key support levels.
Arthur Hayes, CEO of BitMEX, predicts a massive cryptocurrency massacre will occur by June 2022.
Hayes cites the relationship between the Nasdaq 100 Index (NDX) and bitcoin.
It is expected that the Nasdaq 100 index will touch the level of 10,000 points and even less, and it is possible that cryptocurrencies will also be affected, as “Hayes” sees the possibility that the price of Bitcoin will reach the level of $ 30 thousand, and Ethereum to $ 2500 by the end of June 2022.
Read:Indiana County Pays $130,000 in Bitcoin as Ransom for Hackers
Data platform Santiment reports that there is significant and growing FUD uncertainty in the crypto market, especially around Ethereum.
US CPI inflation expected to more than 8%:
On Monday, April 11, White House Secretary Jen Psaki said that inflation figures for March could be extraordinarily high.
Speaking to reporters, Saki said:
We expect core CPI inflation for March to be extraordinarily high due to Putin’s war.
We expect a significant difference between core and core inflation, reflecting global turmoil in energy and food markets.
According to market expectations, inflation figures could rise to 8.4% which would put it at a four-decade high.
If the actual number turns higher, we can expect a sharper correction in the cryptocurrency market.
Market analyst Lark Davis wrote:
Tomorrow’s bad inflation data can actually be priced in after the White House warning, if only 8.5%.
But if the ratio is above 9%, it is likely that we are heading lower because that is worse than what the market is expecting.
Read:Report: “Ripple” … the second highest market value in the crypto world
Read also:
Find out the number of visitors to cryptocurrency exchanges in February 2022
Liquidation of $440M Positions After Bitcoin Drops Below $40K
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