Crypto

2024 - 12 - 20

Crypto in Crisis: When the Fed Hits the Fan!

Bitcoin - Bitcoin Mining - Crypto - Dogecoin - Ethereum - Federal Reserve - Flexa - Neptune Digital Assets - Nighthawk Wallet

Is your crypto portfolio feeling sick? Find out how the Fed's latest moves are shaking up Bitcoin and friends!

This week, the crypto market has been put through the wringer, and not the fun kind that comes with a load of laundry! Bitcoin's price took a nosedive of around 10%, sinking to just under $93,000. Ethereum and the smaller cryptocurrencies didn’t fare much better, with some even dropping between 15% and 25%. What’s the culprit behind this chaos? A hawkish Federal Reserve, sending shivers down the spine of investors everywhere!

In a dramatic turn of events, Bitcoin mining powerhouses like MARA and Hut 8 have made waves this week. MARA dropped a whopping $1.53 billion to grab an impressive 15,574 BTC, while Hut 8 jogged right behind with their own sizable acquisition. The bullish moves made by these companies come amidst a turbulent sea of crypto losses, showing that even in the storm, some whales are ready to swim.

Moreover, let’s not ignore the cryptocurrency market slump that resulted in over $200 billion evaporating in a mere 24 hours. A broad market slide hit during U.S. trading hours, with Bitcoin hovering near that infamous $93,000 mark. And if things couldn’t get any worse, Dogecoin plummeted a jaw-dropping 27%. One can only wonder if this is a case of crypto being thrown under the proverbial bus by the Fed's latest monetary policy update.

Interestingly, not all news is doom and gloom! Flexa and Nighthawk Wallet have teamed up to make crypto payments as easy and fraud-resistant as possible, allowing users to make payments at more than 41,000 retail locations across Canada and the US! And for those who might think all is lost, Neptune Digital Assets posted a net income profit of C$17.1 million in fiscal 2024! So while the market may be down with a big ol’ case of the hiccups, innovation and growth continue to pop up in unexpected places!