Bitcoin slips to 3-month low on jitters over Fed policy outlook and unrest in Kazakhstan

Bitcoin fell to a three-month low on concerns about the Federal Reserve’s recent hawkish stance and Kazakhstan’s political turmoil. On Friday, the asset’s price dropped as much as 4.9 percent to $41,008. “Bitcoin is experimenting with a new layer of technical support between $39,600 and $41,700,” DailyFX’s Nicholas Cawley stated. Subscribe to our daily newsletter, 10 Things to Know Before the Opening, by filling out the form below. Bell Bitcoin fell to a three-month low on Friday, weighed down by concerns about the Federal Reserve’s recent hawkish stance and political turmoil in oil-rich Kazakhstan. On Friday, the price of the world’s largest cryptocurrency by market capitalization fell as high as 4.9 percent to $41,008. Bitcoin has now dropped 11% in the previous three days, and is now trading at around 40% of its November high of $69,000. ” After easily shattering earlier multi-week support around $45,500 on Wednesday, Bitcoin is challenging another layer of technical support between $39,600 and $41,700, according to Nicholas Cawley, strategist at DailyFX, who told Insider via email. “From a technical standpoint, bitcoin appears oversold in the short term, which may support prices heading into the weekend, but a confirmed break below $39,600 would likely drive further selling down to $37,500,” he added. Other coins were also falling in value. Ethereum, the second-largest cryptocurrency, had dropped more than 9% to $3,114. Solana lost around 7% of its value, and Binance coin lost nearly 4% of its value. The crypto sell-off started on Wednesday, when the Federal Reserve issued hawkish minutes from its December meeting, implying that the US central bank may tighten monetary policy sooner than expected. This outlook affects cryptos and other volatile assets as more traditional investors may want to flock to investments that entail fewer risks. “This is a healthy pullback as all markets look to readjust to new monetary policies and inflation concerns,” Chris Kline, COO and co-founder of Bitcoin IRA, told Insider. “Inflation is not going away anytime soon and investors are looking to protect themselves from higher prices and rapidly changing economic conditions, and see crypto as a potential hedge.” Meanwhile, political unrest continued in Kazakhstan, causing a decline in bitcoin’s global computing power. This happened after the internet was shut down nationwide. Hours after the internet went down, bitcoin’s hash rate dropped 12%, Larry Cermak, VP of research at The Block, said in a tweet. Kazakhstan became the world’s second-largest center for bitcoin mining last year after China, which used to be the main hub, clamped down on crypto mining, according to data from the Cambridge Centre for Alternative Finance. “The hash rate is not directly correlated to the price of bitcoin, but it gives an indication of the network’s security, so a fall can spook investors in the short term,” Marcus Sotiriou, analyst at digital asset broker GlobalBlock, said in a note Thursday. Read more: Top 3 cryptos to buy in January: A seasoned trader shares the projects he believes will see the highest price peaks this month and the technical analyses behind them Read the original article on Business Insider Secretary of State Antony Blinken spoke with Kazakhstan’s top diplomat on Thursday and called for a “peaceful, rights-respecting resolution” to deadly protests in the country while also raising concern about Russian intervention. Kazakhstan is a strategic U.S. partner in Central Asia, with its largest border alongside Russia in the north and the country a gateway for American efforts in Afghanistan. Blinken spoke with Kazakhstani Foreign… ATOM tested resistance near the $45 level while leading cryptocurrencies remained under significant pressure. Yahoo Finance Live’s Jared Blikre discusses the initial moves in the stock market, Treasuries rising, and bitcoin giving up nearly all of its gains since last year. A 900 ETH purchase by crypto payments platform MoonPay for a ‘Zombie’ CryptoPunk has sparked rumours across the NFT space about who exactly the highly-desirable Punk is for. A Russia-led military alliance said Thursday it was sending forces to Kazakhstan to help quell the deadly unrest rocking the Central Asian country. The big picture: Dozens of people, including protesters and police officers, have been killed in more than four days of unrest over what started as outrage over fuel price hikes and has since escalated into some of the worst street violence in Kazakhstan since the former Soviet country’s independence in 1991, AP reports. Get market news worthy of your The US added 199,000 nonfarm payrolls last month, far lower than the 450,000 median estimate. Hiring faltered in December as Omicron cases surged. The investment firm manages $6.4 billion in total in blockchain-related assets. After suffering the worst first week of the year since 2017, where will bitcoin go from here? CoinDesk Managing Editor of Markets Brad Keoun discusses bitcoin’s next support levels, how far it could fall, and what to expect from Jerome Powell and Lael Brainard’s confirmation hearings next week. Will crypto be on the agenda? Plus, Managing Editor of Technology Christie Harkin discusses the future of bitcoin’s hashrate after a big disruption this week in Kazakhstan. Cracking down on US bitcoin miners for their energy use would have perverse consequences, says CoinDesk’s chief content officer. Recent comments from the Federal Reserve have prompted a major sell-off for high-risk investments, and Solana has been impacted by the pullback. The blockchain network’s SOL cryptocurrency is down roughly 16.5% over the past week as of 4 p.m. ET on Friday, according to data from S&P Global Market Intelligence. Transcripts of a Federal Reserve meeting held in mid-December were published on Wednesday, and the contents have riled the market and led to steep sell-offs for growth-dependent stocks and cryptocurrencies. NFT influencers clash over the fate of Pudgy Penguins, raising governance questions surrounding non-fungible token communities The president of Kazakhstan on Friday said during a televised address that he had provided security forces orders to “shoot to kill” in an effort to tamp down protests over rising fuel prices that have also become a rebuke to former longtime President Nursultan Nazarbayev, Reuters reported. “The militants have not laid down their arms, they continue to commit crimes or are preparing for them. The fight against them must be pursued to the end…. The country’s tax authority also plans to strengthen its surveillance of cryptocurrency trading. The boss of Jet2 says demand has returned to around the same level seen before the Covid pandemic. A chart featured in the 2021 CoinDesk Annual Review illustrates the 90-day return for bitcoin, ether, and macro assets. In this Chart of the Day report, Galen Moore reflects on bitcoin’s relationship with broader financial markets and ether’s dependence on the BTC price. Bill Gates looks for income, too. This is how he gets it. With its fingers in the pies of everything from gaming, data center and crypto to auto and the metaverse, Nvidia has seen outstanding success both in real-world performance and from an investing perspective over the past few years. Following conversations with Nvidia’s CFO, Bank of America analyst Vivek Arya is confident the chip giant will keep on outperforming. “We continue to believe the company is best positioned to address several of the most important, multi-decade secular growth op I generally like all the stocks I own, but these five would be tops on my list for new cash in a market sell-off. Experts are worried about this asset. But Suze still likes it. 2021 was a mixed year for growth stocks; these three picks could outperform in 2022 and for years to come.

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  • bitcoinBitcoin (BTC) $ 37,829.00
  • ethereumEthereum (ETH) $ 2,723.65
  • tetherTether (USDT) $ 0.999513
  • binance-coinBinance Coin (BNB) $ 411.01
  • usd-coinUSD Coin (USDC) $ 0.995311
  • cardanoCardano (ADA) $ 1.18
  • solanaSolana (SOL) $ 118.65
  • xrpXRP (XRP) $ 0.663592
  • terra-lunaTerra (LUNA) $ 68.43
  • polkadotPolkadot (DOT) $ 21.28