Bitcoin trades below $45,000 mark, cryptocurrency market cap drops 3.5%
Bitcoin was trading at $45,000 on Wednesday morning as the cryptocurrency’s digital market fell significantly to 3.5%.
Price performance of major tokens
Currency 24 hours 7 days Price
Bitcoin (Cryptocurrency: BTC) -3.2% -7.8% 43,529.71 yuan
-3.4% -5.8% $3,201.78
-12.1% 1.15% $0.145
Top winners over a 24-hour period (CoinMarketCap data)
Percentage change (+/-) price of cryptocurrencies over a 24-hour period
Anchor Protocol (ANC) 21.2% $3.19
USD Neutrinos (USDN) +7% $0.93
Zilica (ZIL) +4.2% $0.13
because it matters
Major cryptocurrencies were weaker at press time, while U.S. stock futures were flat. On Wednesday, the Nasdaq closed down 2.2% and the S&P 500 closed down nearly 1%.
Minutes from the Fed’s March meeting underscored central bank policymakers’ concerns about inflation. Officials expressed support for plans to exit major financial markets such as U.S. Treasuries and mortgage-backed securities (MBS), according to information provided by Reuters.
According to reports, the plan, which could be implemented as early as next month, would require a monthly reduction of up to $60 billion in U.S. Treasuries and up to $35 billion in MBS.
“All participants agreed that high inflation and tight labor market conditions require the activation of a second round of balance sheets,” the minutes of the meeting showed, according to Reuters.
On Wednesday, Marcus Sotiriou, an analyst at U.K.-based digital asset broker Globalblock, noted comments from the Federal Reserve’s Lael Brainard, suggesting that the central bank could rapidly shrink its balance sheet starting in May. He said Brainard was generally docile and liked low rates.
Regarding the market’s reaction to Brainard’s comments, Sotiriou said, “I think it’s an overreaction… As Brainard pointed out, we’ve realized something.”
As reported by Cointelegraph, U.S. Treasury Secretary Janet Yellen told the U.S. House of Representatives Financial Services Committee on Wednesday that her department saw no significant circumvention of sanctions imposed on Russian government agencies and individuals through cryptocurrencies.
Edward Moya, senior market analyst at OANDA, said that after no apparent “moderate surprises,” Bitcoin continued to fall.
“The Fed will be aggressive on this front, which will be a problem for risk assets like bitcoin in the near term. Bitcoin could be weak around $40,000, with $38,000 being an important support level,”Moya said in a statement. explained in a report.
According to a tweet by market data platform Santiment, traders are betting on Bitcoin’s safety and staying away from altcoins, which have fallen by more than 10%.
Cryptocurrency trader Michaël van de Poppe said he would rather be long than short.