While the Federal Reserve maintains its martial stance introducing financial policies and rising interest rates to battle inflation, the cryptocurrency market suffers indefinitely. Amidst shaky global financial stability, former US Treasury Secretary Lawrence Summers has now asked the Feds to not shift from its hawkish stance, further contributing to the decline of Bitcoin’s value.
The world’s largest cryptocurrency stuck between $19k to $20k, fell by 2.42% in the last 24 hours and is currently trading at $19,490. The Federal Reserve’s implementation of aggressive monetary tightening has resulted in volatility for the S&P 500 and NASDAQ 100. And because Bitcoin is correlated to the general market, BTC tokens are observing a significant selloff. In response, market participants including the Wall Street Banks are criticizing the Feds.https://coinedition.com/ex-treasury-secretary-lawrence-summers-wants-bitcoin-value-to-drop/