Mike Novogratz, chief executive officer of Galaxy Investment Partners, speaks during the Bitcoin …
Other cryptocurrencies have fallen further, with ether retracting by nearly 9% over the past 24 hours and solana and cardano losing over 10% each.
In fact, some were anticipating a 2022 version of the so-called ‘Consensus Effect’ when prices of digital currencies rallied by as much as 25% in the days leading up to another annual crypto conference, Consensus, in previous years.
Minutes from its meeting in March, released last Wednesday, spurred a new wave of market turmoil as officials agreed that they would begin reducing the central bank balance sheet by $95 billion a month, likely beginning in May.
The slide continued even as the Luna Foundation Guard, a nonprofit organization that manages the TerraUSD algorithmic stablecoin, added another $173 million in bitcoin to its wallet over the weekend, boosting its total holdings of the cryptocurrency to almost 40,000 BTC .
Additionally, as the fighting in Ukraine escalated to a new stage, the European Union on Friday targeted crypto wallets, banks, currencies and trusts in its fifth package of sanctions on Russia in a bid to plug potential loopholes that could allow Russians to move money abroad.