Subscribe now to Forbes’s CryptoAsset & Blockchain Advisor and successfully navigate the volatile bitcoin and cryptocurrency market The price of bitcoin has dropped to around $ 27,000 per bitcoin, the lowest price since the end of 2020, while ethereum has fallen below $ 1,500 per ether. Smaller cryptocurrencies are performing even worse, with BNBBNB, solana, cardano, XRPXRP, dogecoin, tron and avalanche having double-digit drop rates over the past 24 hours. The latest sell-off in bitcoin and cryptocurrencies has sparked fears that the Federal Reserve could put its foot down on gas in its fight to reduce inflation, as a recent reading of the US consumer price index showed the economy remains hot. Do you want to stay ahead of the market and understand the latest encryption news? Sign up now for the free CryptoCodex — A Daily Newsletter for Traders, Investors and Crypto-Curious MORE THAN FORBESSerious warning issued for major Bitcoin and Crypto Exchange Binance and Ethereum BNB rival after SEC Bombshell reached its price by Billy Bambrough The price of bitcoin has fallen to new annual lows, falling to $ 27,000 per bitcoin and falling … [+] the price of ethereum, BNB, XRP, solana, cardano, dogecoin, tron and avalanche. SOPA Images / LightRocket via Getty Images “The Federal Reserve is back in a corner now,” wrote cryptocurrency and influence investor Anthony Pompliano in his newsletter following the release of the latest inflation data. On Friday, data showed that US prices rose faster than expected in May, reaching 8.6% after easing in April, fueled by rising energy and food costs and boosting inflation to their highest level since 1981. . “Inflation has not gone down even though the Fed raised interest rates and tightened quantities. They have no more options than putting their foot down on gas. The Fed could try to accelerate interest rate hikes. So fast. “As well as in seriousness, along with accelerating quantitative tightening. I’m not sure they will, but there are not many other paths to follow.” Next week, the Fed is expected to raise interest rates to 1.25% -1.50%, following a similar move last month. A Reuters poll found that economists forecast a further 50 percent increase in interest rates in July. “[Friday’s] The inflation report is the latest major release before the Fed meeting next Wednesday, “Alex Kuptsikevich, senior market analyst at FxPro, wrote in an email note. public attention over the weekend and will push the Fed. Potentially, such a high reading could cause a harder reading [Fed] attitude to the accompanying comment “. Sign up for CryptoCodex now — A Free, Daily Newsletter for Crypto-Curious MORE THAN FORBESCrypto Price Prediction: This is when Bitcoin could see a “significant” bounce – and why Ethereum could be “in trouble” by Billy Bambrough The price of bitcoin has fallen more than 5% in the last 24 hours with the big cryptocurrencies … [+] ethereum, BNB, XRP, solana, cardano, dogecoin, tron and the avalanche crash even worse. Forbes Digital Assets The bitcoin, ethereum and cryptocurrency markets have been falling steadily for the past six months, crashing along with the stock market as the Federal Reserve and other central banks around the world raise interest rates and begin easing pandemic stimulus measures. The Fed this month began the long process of shrinking its $ 9 trillion expanded balance sheet, known as quantitative easing. “Bitcoin’s continued correlation with stock markets plagued by macroeconomic forces has stifled optimism and sparked frustration at a time when cryptography seems to be missing the perfect opportunity to show its forgotten role as a counterpart.” Rich Blake, financial advisor on the encryption platform. Support, wrote in the comments sent via email. “As monetary tightening accelerates around the world, stocks, in the short term, remain vulnerable to lower lows, indicating signs of a cyclical downturn.”
