Bitcoin (BTC) fell over 10% on Monday as the crypto market registered another flash crash in December. BTC price fell to a daily low of $45,894 before recovering above $47K. However, it lost $47K support again early Tuesday and was trading at $46,664 at the time of writing.
The market slump was attributed to a recent class-action lawsuit filed against Tether and its entities in a New York court over allegations of fraud. Another key factor that many belive is playing a key part in the recent crypto market slump is the upcoming Fed meeting on Wednesday. The U.S consumer inflation hit the highest in four decades and the upcoming fed meeting is expected to announce the faster tapering of bond purchases. This could potentially trigger an upswing in inflation hedges like gold and Bitcoin.
Gold prices have already started to show an uptick and the stock market is recovering as well, and crypto could potentially be the next.
Bitfinex’s Bitcoin Limit Order Book Hints at “Buy The News” Event
Despite the current market slump Bitcoin whales have continued accumulation across the board. Bitfinex crypto exchange’s limit order book indicated that the retail market is selling in a panic ahead of the FOMC meeting while whales have continued their accumulation. The FOMC meeting could be the potential trigger point, and experts belive the current market is the perfect “Buy the News” scenario.
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