Bitcoin Recovers From Seven Month Low Of $33K

Bitcoin broke out in a feeding frenzy during the January 24 afternoon, raking up over $37K after falling to its lowest point in the same morning. It’s almost as if they’re mirroring each other’s moves. Bitcoin shot back up above $36,000 Tuesday morning after a day of heavy trading that saw the price drop below 33K for the first time since July 2021. Monday afternoon, it crossed $37,000 was staying pretty stable around 35k with some small increases here and there. The crypto world has seen a lot of volatility over the last few years, but it’s still surprising when prices drop 50% or more. It has happened three times since 2018 alone! And this latest sell-off was no exception; from April through July 2019, Bitcoin fell 52%. Cryptocurrencies have experienced major selloffs across the board, with cryptocurrency-related stocks being no exception. Analysts say that one primary driver of this trend is former Federal Reserve chairwoman Janet Yellen’s plan for stimulus removal and higher interest rate policies, which has negatively impacted many tech-related companies in recent months. For example, the Nasdaq has fallen 12% since January 1 alone. “The Fed is currently buffeting the crypto market,” says Martha Reyes, head of research at Bequant. “This industry has been proliferating, and it’s not surprising that investors are taking risks with their capital.” The decreased inte...