Bitcoin Plunges 12% as Fed Signals Hawkish Shift
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- Fed Chair Powell's hawkish comments triggered a broad risk-off move, with Bitcoin leading the decline.
- The central bank signaled three rate hikes in 2022, tightening financial conditions that fueled crypto's rally.
- Leveraged positions collapsed as $1.
Fed Chair Powell's hawkish comments triggered a broad risk-off move, with Bitcoin leading the decline. The central bank signaled three rate hikes in 2022, tightening financial conditions that fueled crypto's rally. Leveraged positions collapsed as $1.
Ethereum followed with a 14% drop, dragging altcoins into a sea of red. The correlation with tech stocks hit 0. 8, confirming crypto's integration into mainstream risk assets.
On-chain data reveals long-term holders remained steady, while short-term speculators panicked. Exchange inflows spiked 300% as retail rushed to exit. The futures basis flipped negative, signaling extreme fear not seen since the China ban panic.
Power Move: This correction tests crypto's resilience as a macro asset. If Bitcoin holds $35,000, accumulation zones emerge; a break below opens the door to $30,000. Smart money watches for capitulation to deploy dry powder.
This article was edited with AI assistance for readability. Read original here.
