Bitcoin Falls Back To USD10,000 As Worldwide Inflation Crisis Began!

 

Key points:

• U.S. stocks plunge, but some bounce off lows; Nasdaq down ~3.8%
• All major S&P 500 sectors red: cons disc down most
• Dollar, crude rise; gold falls; bitcoin swoons ~11%
• U.S. 10-Year Treasury yield jumps to ~3.35%

The bitcoin price has struggled since the first few months of 2022 as central bank monetary tightening squeezes assets across the board. The Fed is widely expected to hike rates by 50 basis points - the biggest rate increase in 22 years—in order to temper soaring inflation.

Now, a veteran trader has warned the bitcoin price could fall as low as $28,000, down $10,000 per bitcoin from its current price. 

Why is crypto crashing today? Cryptocurrency markets have crashed to a new low of this year today. The global market cap has shrunk to $1.02 trillion from $1.10 trillion recorded yesterday. The global cryptocurrency market cap has fallen by around $1 trillion this year while almost every top coin is now worth half or even less than their all-time highs.

The immediate trigger for the crypto crash appears to be a massive sell-off by investors amid heightened inflation fears. Investors are also continuing to stay away from riskier assets, which is reflecting in the stock markets as well.

Bitcoin, the biggest and most popular cryptocurrency, has fallen to $25,586 while almost all altcoins, starting from Ethereum, are bleeding prices since weekend.

"I still believe crypto is the most optimal hedge against these macroeconomic issues which is why institutional interest in the industry has only continued to grow,"

"Both venture capital funding and fund deployments into crypto are soaring at one of the fastest levels since the inception of #bitcoin."