Bitcoin rose to a one-month high of $22,800 on Tuesday morning before falling
Billionaire investor and CEO of DoubleLine Capital Jeffrey Gundlach Given the current bearish market conditions, he said he would never buy cryptocurrencies at this time. To justify this, he says the Fed may have gone too far.
Binance’s app downloads in India surged to 429,000 in August, the highest of the year and almost triple that of runner-up CoinDCX. Since a 1% tax was imposed on cryptocurrency transactions in July, daily trading volumes on major India-based platforms have dropped by more than 90%. https://t.co/xxhblz0d1U
Wu Blockchain (@WuBlockchain) September 14, 2022
Investor concerns about the impact of the Federal Reserve’s monetary tightening have led to a cryptocurrency $2 trillion market crash.
A more aggressive rate hike path will be needed to tackle increasingly entrenched inflation, economists at Nomura said on Tuesday, predicting the Federal Reserve’s September meeting from 75 to 75. Corrected to 100 basis points.
Gundlach has declared that he agrees with the predictions, including Guggenheim’s Scott Minerd’s forecast of a 20% decline in stock prices by mid-October.
Stocks also tumbled after August’s Consumer Price Index report outperformed Tuesday’s expectations, with bitcoin also plummeting. On Tuesday, the cryptocurrency dropped about 11% to reach a low of $19,855. This was Bitcoin’s worst day since June 18th.
Earlier gains were canceled due to price drops. On Tuesday morning, Bitcoin climbed to a one-month high of $22,800 before falling. Stocks experienced a dramatic drop following the market’s risk-off mode as Wall Street braced for a more aggressive rate hike by the Federal Reserve.
Bitcoin is currently trading at $20,330 at the time of writing.
Bitcoin May Not Have Bottomed – Analyst
crypto analyst Willie Woo believes Bitcoin is still far from bottoming out. In a thread of tweets, analysts said bitcoin has yet to see a buildup comparable to previous lows.
hit bottom?
I like to quantify accumulation as coins move from sellers to urgent buyers.
A red line tracks this. All black arrows are the same height.
So far, there is no accumulation level synonymous with the previous low. pic.twitter.com/mbFvWGptze
Willie Woo (@woonomic) September 14, 2022
He wrote: Regarding the biggest pain, the market has not felt the same pain as the previous bottom. The bottoms were 61%, 64% and 57%.