Crypto market slide continues due to “tough environment”

  • 📰 mybroadband
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 67%

United States News News

United States United States Latest News,United States United States Headlines

Bitcoin and other cryptocurrencies slid on Friday as investors continued to bail from riskier assets.

Bitcoin and other cryptocurrencies slid on Friday as investors continued to bail from riskier assets following the Federal Reserve’s promise that it will stay aggressive in its fight against inflation.

“It’s going to be a tough environment for crypto,” Chris Gaffney, president of world markets at TIAA Bank, said in an interview. “Macro continues to be a challenging theme, pressuring both crypto and equities as central banks still tighten in the quest to soften elevated inflation numbers,” crypto lender BlockFi wrote in a note.

Bitcoin’s dominance has waned in recent months amid the selloff. That could be because it’s losing its appeal as an alternative store of value or because more value is being created elsewhere in the crypto ecosystem, according to a note from Charlie Erith of ByteTree Asset Management.Risk assets in general are suffering, says Brian Pellegrini, founder of research firm Intertemporal Economics. “The market is believing the Fed’s rhetoric and all leveraged trades are pulling back,” he said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 11. in US

United States United States Latest News, United States United States Headlines