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Cryptocurrencies are under attack |  Forexlive

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Cryptocurrencies are under attack | Forexlive

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On Thursday, Bitcoin lost 0.4%, ending the day around $36,200, and Ethereum fell 2.5%. The other major top ten altcoins also mostly saw declines, from XRP down 0.9% to Terra with -8.3%. According to CoinGecko, the total crypto market capitalization fell 2.3% daily to $1.72 trillion.

Bitcoin tried to gain strength on Thursday morning but started falling during the US session along with US stock indices. The U.S. stock market fell after Thursday’s trading results, although it opened with growth. The high-tech Nasdaq suffered particularly heavy losses.

Investors continue to retreat from US equities amid the expected tightening of monetary policy by the US Federal Reserve. The day before, the central bank, after its meeting, had signaled that it would start raising interest rates in March, ending the entire stimulus program at the start of the month. Going forward, the regulator will start shrinking the Fed’s balance sheet.

In such circumstances, investors will continue to reduce their positions in risky assets, and cryptocurrencies could be the first affected.

Meanwhile, bitcoin is trying to stay above the $35,000 mark, taking advantage of some slowdown in the stock market slide. However, if the fall in stocks accelerates, the crypto market will also accelerate its decline.

The United States Securities and Exchange Commission (SEC) has rejected Fidelity’s application to launch a bitcoin ETF. Fidelity itself has warned investors that bitcoin is in a “liquidity storm” due to high stock market volatility.

This article was written by Alex Kuptsikevich, Senior Market Analyst at FxPro.

Cryptocurrencies are under attack | Forexlive

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