Bitcoin falls back to $19,000, further downturn expected

Bitcoin fell below $19,000 yesterday before slowly recovering amid concerns over future Federal Reserve (Fed) rate hikes.

Bitcoin fell 0.90% this morning to $19,203.41.

Bitcoin surpassed $69,000 in November 2021, which was the highest level in history, before collapsing below $20,000 in June 2022.

The Dow fell more than 300 points yesterday and slipped below the 30,000 mark as investors feared that the Fed’s overly tight monetary policy could plunge the U.S. economy into recession.

According to a Johns Hopkins University economics professor, there is an 80 percent chance that the U.S. economy will enter a recession if the Fed continues its balance sheet (QT) cuts.

Steve Hanke said the Fed has fueled inflation by pumping massive amounts of money into the system since 2020, driving up prices. This is due to the fact that consumers are willing to pay more for their purchases.

The Spot Market is Open

Saturday, September 24, 2022

Crypto
Updated at
USD
Price

Change

%Change
11.00 BTC19,130.20+98.27+0.52
11.00 ETH1,321.68+12.43+0.95
11.00 LTC54.76+1.68+3.17
11.00 BNB279.74+6.43+1.98
11.00 XRP0.51+0.01+2.18
11.00 ADA0.46+0.00+0.39
11.00 DOT6.44+0.07+1.08
11.00 DOGE0.07+0.00+8.21
11.00 UNI5.93-0.03-0.42
11.00 LINK7.44+0.18+2.54

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