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Bitcoin has lost its momentum, dipping significantly and currently trading at $21,504.10 at the time of writing this article. It has hit a three-week low, coming down to half the amount it was at the start of this year. Not just crypto, Ethereum, the world’s second-largest cryptocurrency, fell today, trading at $1,691.15.
$BTC Price On This Day – Aug 17, 2022
1 yr. ago: $46,004
2 yr. ago: $11,893
3 yr. ago: $10,374
4 yr. ago: $6,335
5 yr. ago: $4,377
6 yr. ago: $577
7 yr. ago: $259
8 yr. ago: $520
9 yr. ago: $109 https://t.co/nyxzSVbFmU
The total crypto market cap has shed over $58 billion in valuation. Concerns are brewing over Fed officials tightening their grip, and taking a hawkish stance. The hawkish stance and quantitative tightening from the Federal Reserve is a measure to control inflation.
However, the Consumer Price Index Inflation report in June revealed an 8.5 percent drop from 9.1 percent, which was a record four-decade high. So, seemingly, it revealed that inflation in the US is cooling down.
But the Fed policymakers maintained their hawkish stance, reiterating that the fight against inflation is far from over, which is why they said further rate hikes are required.
James Bullard, Fed policymaker, called for a 75 bps rate, three times in a row, and he expects the rate to hit 4 percent by the end of 2022.
Earlier in June, the Feds raised interest rates by 0.75%, which pushed Bitcoin to drop significantly. Bitcoin saw the worst financial quarter in over 10 years.
So, with the current trajectory and rate hikes by the Feds, the crypto market is up for another round of beating in September.
The U.S. economy has been contracting. It was the first quarter that saw its GDP dip at an annual rate of 1.6 percent. The second quarter also showed negative growth. And, two consecutive growth meets the criteria of a recession technically.
But the recent CPI report does pour in some optimism about cooling inflation despite the Fed’s hawkish stance.
Many experts expect that the Feds will be less aggressive in their approach in the coming months. But the upcoming hike in September could possibly cause a bloodbath for crypto, similar to what happened in June.
Amid volatility, Blockchain developer Ripple and the issuer of the XRP token launched an on-demand liquidity service in Brazil in partnership with Travelex Bank.
Bom dia! Brazil is open for Ripple’s On-Demand Liquidity with Travelex—our first LATAM bank partner—and the first bank approved by the Central Bank of Brazil to operate exclusively in FX. We’re excited to bring crypto-native solutions to https://t.co/G6U8nh9jIY
Ripple’s ODL service will use its native token XRP for the cross-border transfers of fiat currency across two countries. As of now, Travelex will use this service to conduct cross-border transfers between Mexico and Brazil.
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