This Week in Crypto: Downward Momentum Eases
- Date: 19-Dec-2021
- Source: Nasdaq
- Sector:Financial Markets
- Country:Middle East
This Week in Crypto: Downward Momentum Eases
Nearly every major cryptocurrency that briefly bounced back from the prior week’s losses has since retreated from earlier gains to trend horizontally. Even though fear has encircled the market to an extent, the latest FOMC decision may trigger some relief for bulls.
Leading cryptocurrency by market capitalization Bitcoin (BTC-USD) has experienced another volatile week as BTC prices moved sideways while awaiting the outcome of the latest U.S. Federal Reserve meeting.
Despite repeatedly trying to retake the $50,000 level, the BTC-USD pair has continued trending between $46,000 and $50,000 amid monetary policy uncertainty. Prices quickly bounced to $49,000 after the Fed rolled out a new policy roadmap for 2022 that includes multiple rate hikes and a more rapid drawdown of stimulus measures. Still, this more confident outlook for policy failed to buoy prices, with BTC unable to sustain a brief spurt of momentum. At the same time, BTC volatility remains elevated, with the latest figures indicating volatility at its highest point since mid-October.
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