"Finally BTC is starting to react, are investors okay with that?"
The latest news must have surprised most investors when the price of the king of cryptocurrency Bitcoin (BTC) overnight plunged drastically to below the level of $22,180 after hovering at $23,000 for a long time.
However, it should be noted that the price of BTC since yesterday saw a little selling pressure when the California-based crypto-friendly bank Silvergate Capital reduced its value by more than 50% following concerns that its operations could not survive.
BTC's bleeding at the moment may be due to the Silvergate issue, where various crypto companies pulled out of working with the bank due to fears that it would be a similar situation to FTX.
While the rest of the crypto market followed a similar movement like BTC when Ethereum (ETH) decreased by 5.77% at $1,555 in the last 24 hours while Ripple (XRP) plunged 4.97% at $0.36.
Following 30% of traders expecting the next FOMC meeting to raise interest rates by 50 basis points versus 25 basis points, the crypto market is likely to face more pressure than it is now.
Even so, Jake Boyle, chief commercial officer at crypto brokerage Caleb and Brown predicts that the crypto market will see a flat move as the United States (US) Federal Reserve (Fed) intends to maintain monetary policy tightening for a while.
As of writing, BTC price has plunged by 5.23% at $22,300 in the last 24 hours with a trading volume of $430 billion.
