Bitcoin is close of ending its first week of the year in the red, as the crypto market took another blow and sits at critical support. The benchmark crypto records a 7.3% loss in 24 hours, trading at $43,000 after coming back from the lows near $42,000. Related Reading | U.S. Mining Company Marathon Now Holds 8,133 BTC. And They’re Not Selling It Bitcoin did a wick into its current levels on December 3rd. Therefore, some traders were expecting this are to be fill before the bulls could take another swing at new highs. In the short term, BTC’s price is yet to stabilize and could dipped further into the high $30,000s and $40,000. The macro-economic situation seems to have acted as a triggered for the current price action, as the U.S. Federal Reserve Jerome Powell made statements regarding the latest CPI metrics and a potential start of tapering. This could prove the only effective solution to prevent more inflation in the country. According to FOMC minutes @federalreserve is contemplating earlier rate hikes and balance sheet shrinkage. This will be happening into a sharp slowdown in GDP. Two words come to mind: Good luck — Joseph A. LaVorgna (@Lavorgnanomics) January 6, 2022 Sitting at a 40-year record, inflation could continue to rise which will led to a spike in interest rates and a liquidity reduction in the markets. With a more hawkish FED, this possibility is quickly becoming a reality felt across the global mark...
