Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

Seeking Alpha 2022-04-22 15:34:42

Bitcoin, Ethereum drop as stocks face selling pressure amid more hawkish Fed

Bitcoin (BTC-USD), Ethereum (ETH-USD) and a slew of other major cryptocurrencies are dropping Friday afternoon as stock market investors price in a more aggressive path for Fed rate hikes. The world's largest digital coin by market cap is dipping nearly 6% intraday to $39.7K, erasing all of this past week's gains. Ethereum (ETH-USD), the most popular altcoin in the crypto ecosystem, is also off around 4% to $2.96K. By comparison, all three major U.S. stock market indices are changing hands in negative territory, with the Dow Jones (DJI) -1.3%, S&P 500 (SP500) -1.1% and Nasdaq (COMP.IND) -0.7%. Note that the tech-heavy Nasdaq (COMP.IND) is off a whopping 17.3% YTD as investors tune out of growthy risk assets and turn to safer yielding ones. "As bitcoin's returns have become increasingly correlated to equity returns (tech), investors' concerns over bitcoin performance in the medium term have surged," SA contributor Rothko Research wrote in a Twitter post. Selling pressure across a broad range

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.