US Fed rate hike: Bitcoins and cryptos get no lift in mood

US Fed rate hike: Bitcoins and cryptos get no lift in mood

Dubai: Stock markets and currencies are holding the line the day after the Fed’s hike – but for Bitcoin and other cryptocurrencies, it’s still an indifferent day. Bitcoin is at $21,773, up a marginal 0.40 per cent, while Ethereum has slipped 4.32 per cent to $1,173. Litecoin is at $47.99, down 1.34 per cent. Investors are left with some stark reminders: “Bitcoin dropping below the critical support level of $ 25,000 saw major stop-outs and long position exits at a rapid scale,” said Bal Kishen Rathore, CEO at Dubai-based Century Financial. “The ongoing bloodbath is a classic case of volatility begetting more volatility. Investors, in a way, are trying to negotiate some exit price with fears of a further downfall below the bull cycle open. and talk of bear market territory seem almost mundane when taken against some of the issues crypto asset holders are dealing with. It has reached a point where some OTC exchanges have stopped squaring positions until the meltdown cools down, even a bit. “The reality is that there was a rapid rush into DeFi (Decentralized Finance) platforms where they started to use leverage in lending,” said Fred Pye, Chairman and CEO of 3iQ Corp. “However