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Exchange CEO Warns 2022 Could See Bitcoin Crash Amid Huge Ethereum, BNB, Solana, Cardano And XRP Sell-Off

Bitcoin and cryptocurrency prices have plummeted this week, with crypto markets totaling nearly $ 1 trillion since their peak in November.

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Bitcoin prices have fallen to a low of just over $ 45,000 per bitcoin, down more than 30% from last month’s record high of $ 70,000. Meanwhile, other major cryptocurrencies such as Ethereum, Binance’s BNB, solana, cardano and Ripple’s XRP are also struggling, all dropping double-digit percentages from highs.

Bitcoin, Ethereum and other cryptocurrencies are currently the best of the US-based Kraken cryptocurrencies as they face tightening of global central bank policies along with the global stock market and other assets. The head warns that the price of Bitcoin could drop dramatically in 2022.

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“Many people see things under $ 40,000 as an opportunity to buy,” Kraken CEO Jesse Powell said in an interview. Bloomberg Adding Bitcoin prices this week could drop to less than $ 40,000 this winter.

“When I returned close to $ 30,000 a few months ago, I personally bought it. Many people just have dry powder on their sidelines, just waiting for them to come back at the bottom. I am. “

Earlier this year, Powell was talked about when he predicted that Bitcoin prices could reach $ 100,000 by the end of 2021.

“I don’t know where I am [the bitcoin price] “If you look at the long-term trend line of Bitcoin, it’s consistently rising,” Powell said. I always tell people, “If you think about buying Bitcoin, think of it as a five-year plus investment.”

Earlier this month, other Bitcoin and crypto market watchers began calling for some of the more ambitious Bitcoin price predictions. “It’s hard to predict $ 100,000 by the end of the year. I think we can aim for $ 100,000 by 2022, but I’m not sure this year,” said Matt Hogan, Chief Investment Officer of Bitwise. rice field. interview..

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Some are paying attention to Bitcoin prices as the US Federal Reserve and other central banks around the world are moving to taper off Covid-19’s anti-pandemic stimulus measures.

DailyFX analyst Tammy Da Costa wrote a comment by email.

“For most of the year, rising inflation supported Bitcoin’s prices, hitting record highs last month, but as global policy makers have expressed a more hawkish tone, Bitcoin’s Prices have been stable above $ 45,000 and are still available. Support for imminent movements. “

This week, the Federal Reserve expects to triple interest rates in 2022, curtailing a huge bond-buying policy in the face of rising inflation, the highest level in 40 years. He said it would accelerate.

“Investors have used Bitcoin against rising inflation, just like gold and other safe assets,” Dakosta added.

“Further rate hikes could catalyze additional catalyst for long-term price behavior, as higher interest rates and faster-paced tapering are expected. From a technical point of view, prices will return by more than 20%. The fact that it has been high in November confirms that Bitcoin has entered the bear market. Price behavior is currently trading within a clear range, but at least for now, bulls are systematic. It can be difficult to regain control of targeted and prominent trends. “


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