Bitcoin continues to lose ground in the wake of hawkish Fed minutes. But analysts are still divided on the price floor. godbole17 reports
Bitcoin continues to lose ground as minutes from the Federal Reserve’s December meeting released earlier this week flagged the chance of a faster policy tightening.
Laurent Kssis, a crypto exchange-traded fund expert and director of CEC Capital, said about $200 million in long positions have been liquidated in the past couple of hours, pushing the spot price lower. Kssis added that leverage remains high and a further drop below $40,000 may be seen, more so if bond yields continue to rise on the Fed’s hawkish stance.
“So if the Fed allows equity prices to fall, it will increase the borrowing costs of the governments because as bond prices fall, yields rise !!! That could trigger more selling in BTC,” Kssis added. Some observers suggest otherwise. “The fears of a prolonged bear market in stocks and digital assets might be overblown as historically markets have remained resilient during tightening cycles,” Arca’s Dorman said.
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