#BTC $BTC #DSNT $DSNT
#Write2Earn Bitcoin on Sunday fell nearly five per cent as the BTC price remains below $80,000-mark. Bitcoin price fell 4.92 per cent to $78,797.90. Ethereum price fell by 8.33 per cent to $2,416.74. Cryptocurrencies have been struggling for direction since tumbling last year, having been left โbehind by big rallies in gold and stocks.
On Friday, the โworld's largest cryptocurrency by market โvalue, Bitcoin, fell to as low as $81,104, the lowest since November 21, while the U.S. โdollar gained after โformer Federal Reserve Governor Kevin Warsh was selected as the next Fed chair. Some investors โand traders are concerned he might tighten up on cash in the financial system.
Warsh has called for regime change at the central bank and wants, among other things, a smaller Fed balance sheet.
Bitcoin โ and other cryptocurrencies โhave been regarded as beneficiaries of a large โbalance sheet, โhaving tended to rally while the Fed greased money โmarkets with โliquidity - a support for โspeculative โassets.
Brian Jacobsen, chief economist at Annex โWealth Management in Menomonee Falls, Wisconsin, said the Fed's "bloated โbalance sheet combined with heavy-handed bank regulation" had kept liquidity trapped on Wall Street instead of flowing to Main Street, helping fuel bubbles in assets such as bonds, crypto, metals and meme stocks.
Cryptos are having a rough time in what was once hoped to be a golden era of flows and friendly regulation under President Donald Trump. Market-leading bitcoin has lost a third of its value since striking record highs in October last year.
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