Today in the crypto market, prices are broadly falling. It’s not a sudden collapse in fundamentals.
BTC has broken below 76,000, ETH is weaker, and XRP has been hit the hardest.
It’s just three things piling up:
The Senate’s CLARITY procedural vote didn’t pass, compliance expectations were pulled away; U.S. 10-year Treasury yields have risen above 5%, and the Federal Reserve is very likely to raise rates tonight.
On top of that, leveraged long positions have blown up, and the losses have been amplified.
Rate hikes themselves have likely already been priced in, what people fear is that the early-morning press conference will turn out to be hawkish.
BTC has broken below 76,000, ETH is weaker, and XRP has been hit the hardest.
It’s just three things piling up:
The Senate’s CLARITY procedural vote didn’t pass, compliance expectations were pulled away; U.S. 10-year Treasury yields have risen above 5%, and the Federal Reserve is very likely to raise rates tonight.
On top of that, leveraged long positions have blown up, and the losses have been amplified.
Rate hikes themselves have likely already been priced in, what people fear is that the early-morning press conference will turn out to be hawkish.