Bitcoin shed over 15% in the last 24 hours to around $21k and the whole crypto market sank below $1 trillion on Monday. Whether this gloomy start of the week will be followed by even more downside or some relief, could depend on next week’s meeting of the US Federal Reserve (FED).
Bitcoin trading at around $21k in the daily chart | BTCUSD on TradingView.com
Related Reading | Crypto Markets Lose $100 Billion As Bitcoin Drops Below $26K – More Pain Ahead?
Dovish Or Hawkish?
The US is seeing the largest year-on-year increase of the Consumer Price Index since December 1981. Inflation has not been “flattening out” as Fed Chair Jerome Powell expected in May.
Many analysts think this calls for a hawkish Fed and have predicted