Now that the Fed and President Joe Biden are pledging to tamp down inflation that has been at its fastest in four decades, prices for bitcoin and stocks have come under severe downward pressure.
According to the U.S.
dollar is strong in foreign-exchange markets, which is theoretically the case when the Fed is raising interest rates.
The term harkens back to the 2018 cold spell when bitcoin’s price fell 73% that year alone, accompanied by a crash in prices for tokens recently minted at the top of the market through “initial coin offerings” or ICOs.
Riot Blockchain, one of the world’s largest publicly traded bitcoin miners, unloaded more than half the bitcoin it mined in May, CoinDesk’s Aoyon Ashraf reported Thursday.
According to QCP, a big driver of the pullback has been the withdrawal of stimulus liquidity from the Federal Reserve and other central banks.
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