After a strong show in March and early April, the crypto market has come under severe pressure! Investors are keen to move their funds to risk-averse assets as inflation numbers are soaring high and the Fed is all set to tighten market liquidity with interest rate hikes.
Over the last two days, the crypto market has eroded a staggering $170 billion in investors’ wealth. As of press time, Bitcoin and the broader crypto market are 5% down losing major support levels.
As CoinGape reported, BitMEX CEO Arthur Hayes is expecting a major crypto carnage by June 2022. Hayes cites the correlation between the Nasdaq 100 (NDX) index and Bitcoin. He expects Nasdaq 100 to touch 10,000 levels and even lower. This will certainly spill over to the crypto market. The BitMEX CEO is expecting Bitcoin (BTC) to touch $30,000 and Ether (ETH) to touch $2,500 by the end of June 2022.
On-chain data provider Santiment reports that there’s growing FUD in the crypto market, especially around Ethereum. It also notes that this might create some buy-the-dip opportunities. Santiment reports:
There is a whole lot of #bearishness circulating in #crypto circles as market caps continue to drop following the incredible March. #Ethereum, in particular, has seen a ton of #FUD even prior to its price rally, and #buythedip opportunities may arise.
U.S. CPI Inflation Likely to Shoot Above 8%
On Monday, April 11, White House secretary Jen Psaki said that the March inflation numbers could be “extraordinarily elevated” calling it the “Putin price hike”. During her address to reporters, Psaki said:
“We expect March CPI headline inflation to be extraordinarily elevated due to Putin’s price hike. We expect a large difference between core and headline inflation, reflecting the global disruptions in energy and food markets.”
As per the market expectations, the inflation numbers could soar to 8.4% making a four-decade high. However, if the actual number turns higher, we can expect a steeper correction in the crypto market. Market analyst Lark Davis wrote:
“Tomorrow’s bad inflation data could already be priced in after the warning from the White House, that is if it is only like 8.5%. But if it is anything over 9%, then we are probably heading lower as that is worse than the market expects. IMO”.
- Hard Fork Vs Genesis Chain: Terra Team Clears Air Around Debate
- Prominent Investment Officer Predicts More Downside For Bitcoin Price, Here’s Why
- Investors Move $141 Million Out Of Crypto: CoinShares Report
- Just In: S. Korea Police Seek To Guard LUNA Assets
- Incoming Shiba Inu Rally? Over 22 Billion SHIB Tokens Burned Across 497 Transactions
- French Luxury Brand Balenciaga To Accept Crypto Payments In U.S.
- PayPal May Soon Accept All Forms Of Crypto Reveals Vice-President
- Crypto Analyst Predicts What Will Kickstart Next Bitcoin Bull Run
- Just-In: South Korea May Sue Crypto Exchanges Over Terra Crash
- Breaking: S. Korean Exchanges Redflag Litecoin Mimblewimble Update; May Delist LTC
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?