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Bitcoin Tumbles From Multi-Month High on DOJ Worry, Hawkish Fed
Earlier Wednesday the crypto had touched its highest point since before the FTX collapse.
Updated Jan 18, 2023, 5:45 p.m. Published Jan 18, 2023, 4:39 p.m.
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Just two hours after surging to a four-month high of about $21,550, the price of bitcoin (BTC) has tumbled nearly $1,000, now down 2.6% to $20,600.
More than $107 million was liquidated across crypto derivatives markets during the quick plunge, according to Coinglass.
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Helping to spur the slump was the U.S. Department of Justice (DOJ) teasing the announcement of a major international crypto enforcement action coming at noon ET. There were also some hawkish comments from St. Louis Federal Reserve President Jim Bullard, who suggested the central bank should hike interest rates by 50 basis points at its next meeting in February versus market expectations for a 25 basis point move.
All three major U.S. stock market indices are also in the red, with the Dow Jones Industrial Average leading the downside with a 1% decline.
Ether (ETH) is off 4% to $1,511.
Among crypto-related stocks pulling back are Coinbase (COIN) down 4%, Marathon Digital (MARA) down 17%, and MicroStrategy (MSTR) down 11%.
UPDATE (Jan. 18, 17:40 UTC): The government has charged little-known crypto platform Bitzlato with laundering funds tied to illicit Russian finance and its founder has been arrested. With the "major" perhaps somewhat overhyped, bitcoin has bounced a bit, now trading just below $21,000.
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The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
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Bitcoin, ether extend declines as leverage unwind accelerates: Crypto Markets Today
Crypto markets fell further overnight as bitcoin and ether extended losses, metals tumbled and liquidation pressure hit leveraged traders across derivatives markets.
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- Bitcoin and ether extended declines as the crypto market compounded Thursday's selloff.
- Silver and gold also fell, adding to broader market weakness alongside a firmer dollar.
- Crypto liquidations hit $1.8 billion, while bitcoin dominance slipped as traders rotated into riskier altcoins.
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