Bitcoin Sinks To $41,000, A Stark Crypto Price Prediction For Bitcoin, Ethereum, BNB, Solana, Cardano And XRP Amid ‘Extreme Fear’

Bitcoin Sinks To $41,000, A Stark Crypto Price Prediction For Bitcoin, Ethereum, BNB, Solana, Cardano And XRP Amid ‘Extreme Fear’

Share to Linkedin Bitcoin and cryptocurrency prices continue their sell-off, with bitcoin briefly bottoming a bit above $41, 000. This is bitcoin's biggest weekly rout since November. The world's #1 cryptocurrency now shed 37% of its $58, 000 peak it hit that month. The rest of the cryptocurrencies are giving it to the selling pressure. Today the ethereum price slipped 3. 16%, Binance coin is down 1. 44%, and solana's price sank 4. 44%. There are two main narratives that are weighing down cryptocurrency prices. First, as I wrote yesterday, the Fed makes a swift U-turn in its policy to tame inflation: "As recently as last March, the Fed pledged not to raise rates until 2024. Today its officials penciled in three rate hikes this year alone. And the market sees a strong possibility that the first hike is coming at the next Fed meeting in March." Rates hikes don't bode well for the bitcoin price because its price action shows it behaves more like a tech stock than a safe-haven asset. And it's the tech stocks that rising rates hit the hardest. "In fact, bitcoin's recent slump coincided with the 10-year Treasury yield surging from 1. 52% on December