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Bitcoin declined sharply after the release of the December Fed minutes. |
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Cryptocurrencies led by bitcoin and ether fell as part of a broader tech sell-off, cementing their position among investors as risky assets quickly got dumped in moments of market stress.
The declines came due to the Federal Reserve's meeting minutes, which showed officials are looking at a faster schedule for raising interest rates this year. As interest rates rise, holding volatile investments that produce little income becomes less attractive compared to government bonds.
Bitcoin has fallen about 6% since the release of the minutes of the Federal Reserve's December meeting on Wednesday and recently traded for $42,989.72. Ether, the world's second largest cryptocurrency by market capitalization, has fallen about 9% since the launch. This leaves bitcoin near its 5pm low. ET hits since late September and distant highs in November.
“This is evidence that bitcoin is acting as a risky asset,” said Noel Acheson, head of market insights at crypto lender Genesis Global Trading. “The short-term owners, are the ones who trade and will be the closest to the exit.”
