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Crypto Diehards Are About to Find Out If It Really Was a Bubble
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Crypto Diehards Are About to Find Out If It Really Was a Bubble
Bitcoin soared 305% in 2020 and notched another 60% the following year, topping out at a record of almost $69,000 in early November. Since then, though, it’s been on a relentless slide, weighed down in large part by the central bank’s hawkish pivot. Now, with odds rising that policy makers will commence a series of rate hikes as soon as March — just one of several steps they’re set to take in removing liquidity — it remains to be seen if the crypto ecosystem can hold up without it.
It’s not looking good so far: Bitcoin is already down some 40% from its highs, while No. 2 coin Ether and other “altcoins” have also suffered steep declines.
“If they’re going to hike rates three times in 2022 and keep the program, and the era of low rates is over, we’re going to really see how much people believed in their Bitcoin-crypto thesis,” said Stephane Ouellette, chief executive and co-founder of crypto platform FRNT Financial Inc. “I would expect that the Fed getting more and more hawkish is very bad for valuations.”
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