$1.50 Trillion Wiped Out of US Stock Market, So Why is the Crypto Market Dumping and When Will it Recover?

News

  • The US Stock market losses $1.50 trillion. 
  • In turn the crypto market dips with BTC falling to $101,000 price range.
  • The dip is further affected by the Fed chairman saying they cannot own BTC.

Bitcoin (BTC) and the crypto market took a swift dip, falling from $104,000 to $101,000 after setting its latest ATH at $108,000. The crypto community remains strong in the face of the ongoing market dip despite major losses. The biggest loss seems to be the fact that the US stock market wiped out over $1.50 trillion in a single day. 

$1.50 Trillion US Stock Market Drop Affects BTC Price

While the stock market took a major loss, the price of Bitcoin dipped significantly leading many to ponder over why the crypto market fell as well. In detail, one of the most significant reasons behind Bitcoin’s fall is the fact that Federal Reserve Chain Jerome Powell says that the Fed is not allowed to own Bitcoin. 

https://twitter.com/BTC_Archive/status/1869503363970425201

Analysts Remain Positive for New BTC ATHs

As we can see from the post above, seasoned crypto entities recognize that before Covid, the Fed was not allowed to own Corporate Bonds either and that rules could change. This shows the unwavering faith that the crypto community has in Bitcoin’s potential in the coming months ahead. Many expect Bitcoin to hit $200,000 in the coming year. 

https://twitter.com/VirtualBacon0x/status/1869483669456343269

Meanwhile, this user summarizes the FOMC saying rate cuts are still on the horizon and major pumps lie ahead for the crypto market in particular. He says that short term panic is underway and the long term is bullish. He concludes saying inflation will be high which is good for risk on assets. 

The post $1.50 Trillion Wiped Out of US Stock Market, So Why is the Crypto Market Dumping and When Will it Recover? appeared first on Crypto News Land.

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