As risk aversion continues to deteriorate across the broader market, the world of cryptocurrencies is once again shaken. In May, the core price inflation index came in hot at 8.6%, in response the Federal Reserve (Fed) is rapidly hiking interest rates, causing Bitcoin to fall to its lowest level in 18 months.
Subsequently, cryptocurrency and blockchain-related stocks dropped in pre-market trading, with Marathon Digital Holding (NASDAQ: MARA), Riot Blockchain (NASDAQ: RIOT), and Coinbase (NASDAQ: COIN) leading the way, dropping 13.7%, 12%, and 12%, respectively.
In short, the crypto market hasn’t looked confident all year, after the bull run in 2020 and 2021, while it could be said that a crypto winter began in May when major coins fell along with the stock market.
Aggressive interest-rate increase
As it stands, both crypto assets and stocks have suffered from an aggressive round of interest-rate hikes from the Fed. With the CPI coming in higher than initially expected, market...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...