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Over the last 24 hours, the world’s largest cryptocurrency, Bitcoin traded nearly 10% down.
We now know the Fed is planning to raise its benchmark overnight lending rate, the federal funds rate, numerous times this year and also begin shrinking its massive balance sheet by as much as $95 billion per month later this year.
“Bitcoin and ether are highly correlated to the Nasdaq-100.
But over the weekend, Musk told Twitter he had decided not to join the board, throwing into question what kind of role Musk might play in the company’s future.
Many believed Musk joining Twitter’s board was not only good for the company, but also for Dogecoin, one of three cryptocurrencies Musk owns and has been very vocal about.
I think macro headwinds are going to continue to impact the broader crypto market.
I am less bullish on meme-inspired ones like Dogecoin, but with influential people like Musk behind it and already a large market cap, you never know.