Bitcoin Plummets by Almost $10,000 in One Hour as Jerome Powell Turns Hawkish

The world’s largest cryptocurrency was sent sharply plummeting on Saturday, as turbulence from both the Omicron virus and the Federal Reserve’s about-face on inflation send crypto markets downward.

The price of bitcoin fell by as much as $10,000 in one hour to a low of $42,000 before paring back some losses, marking the latest downtrend since the emergence of the Omicron Covid-19 strain. In the past 24 hours alone, bitcoin slumped 16.14% day-over-day, to a combined loss of 31.6% from the year’s high of $69,000 on November 10.

In the meantime, Ether, the world’s second largest cryptocurrency, was down by nearly 14% to around $4,200, as both cryptocurrencies undergo a sell-off amid the emergence of the Omicron strain. However, the latest decline has also been attributed to the Fed Chair Jerome Powell’s sudden retirement of using the word “transitory” to describe the current inflationary landscape. On Tuesday, Powell announced that it is time for the central bank to accelerate the abatement of asset purchases sooner than previously forecast, as prices soar to a 30-year high.


Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

Antimony Resources Drills 5.27% Sb Over 4.95 Metres In Latest Results

Nord Precious Metals Identifies 29 Veins At Castle East Following 3D Modeling

Related News

Bitcoin Rebounds As Binance Announces Limits On Withdrawals, Leverage

Bitcoin rebounded on Wednesday from the previous day’s lows, after cryptocurrency exchange platform Binance said...

Wednesday, July 28, 2021, 04:53:00 PM

Bitcoin Jumps After Tesla Begins Accepting Crypto as Payment for Cars

The price of bitcoin rose by nearly 5% to above $55,000 on Wednesday, after Elon...

Saturday, March 27, 2021, 04:47:00 PM

Gold: Where Will The Producers Spend Oncoming Cash Flows? – The Daily Dive ft Joe Mazumdar

For today’s episode of the Daily Dive, we’re rejoined by Joe Mazumdar of Exploration Insights....

Thursday, May 20, 2021, 01:30:00 PM

Bitcoin: Is China The Reason For The Drop? – The Daily Dive

Joining us today on the Daily Dive is that of Charlie Morris, founder and Chief...

Tuesday, June 29, 2021, 01:30:00 PM

PayPal’s Adoption of Bitcoin Appears To Have Had A Significant Effect On Bitcoin Pricing

PayPal’s mid-October launch of a new service which allows its U.S. users to shop with...

Sunday, November 29, 2020, 11:44:00 AM