AdvertisementThe BTC/USD pair declined sharply and crossed the important support level at 40,000. The sell-off was a continuation of the decline that started a few months ago when Bitcoin jumped to an all-time high of over 68,000.
Another reason for the recent sell-off is the fact that investors are afraid about monetary policy. Recently, the Federal Reserve and other central banks have signaled that they will hike interest rates this year. The Fed has already hinted that it will implement 3 or more rate hikes this year.rallied amid a low-interest rate environment, the path of the least resistance will be lower when the policy changes.
The regulatory picture will likely become clearer in the next few weeks. In testimony to Congress, Jerome Powell said that the Federal Reserve’s report will be out in the next few weeks. This report could help to build confidence among investors.
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