The bitcoin price has recovered somewhat this morning after falling sharply last weekend on concerns about the tendency of the Federal Reserve to raise interest rates.
This morning (Jan. 24), the bitcoin price rose $1,015, or 2.87%, to $36,422.8 before gradually falling back to 35,973.08.
Ethereum was at $2,538.36, up $105.11 or 4.34%.
By raising interest rates and reducing the Fed’s monetary stimulus, cheap liquidity will flow out of the financial markets which also applies to the cryptocurrency market.
The crypto market continues to face pressure from regulatory scrutiny. China has already banned all crypto-related activities, and U.S. authorities are also taking measures to partially contain the crypto market.
The Russian Central Bank has proposed a ban on the use and mining of cryptocurrencies in Russia, stating that cryptocurrencies pose a risk to financial stability and sovereignty. Russia is one of the top three Bitcoin mining countries.
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Monday, January 24, 2022