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Cryptocurrencies fell in the wake of a risk-off shift spurred by the Federal Reserve, as the price of Bitcoin dipped below $40,000 for the first time in more than a year.
The price of the world's biggest coin was down by over $6,000 on Monday. The price was back above $41,000 by midday.
Since the start of the year, the price of the digital currency has fallen by more than 10%, but is still 40% above its record high of $69,000 reached in November.
"Bitcoin's recent fall from grace has been epic, and it might just fall even further in the coming days, as the Senate Banking Committee grills Powell tomorrow," Giles Coghlan, chief analyst at HYCM told Insider via email Monday.
The most fearful level since the market bottomed in July of 2016 was 10.
The analyst at Global Block said he expects the asset to go up in the short term to the mid-$40,000 level.
He explained in a note Monday that after the July market bottom, it rallied over 100% and could do the same again.
The central bank released minutes from its December Federal Open Market Committee meeting that signaled the Fed could tighten monetary policy faster than previously thought.
James Butterfill, an investment strategist with CoinShares, said that the outflows of $107 million were a direct response to the minutes from the Federal Open Market Committee.
The US inflation data will be released on Wednesday. Chris Kline, COO and co-founder of Bitcoin IRA, said that if the Consumer Price Index data is hotter than expected, selling pressures will continue.
He told Insider that all markets are in a period of uncertainty with investors trying to define and avoid risk in a volatile environment. "Bitcoin is in the middle of two major macroeconomic factors affecting markets."
At the beginning of the week, other coins were trading lower. The second-biggest token had fallen more than 2% to $3,070. Solana and binance coin fell.
Business Insider has an original article.
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