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Sharp correction on the crypto market

 


Today, January 6th, the crypto market is experiencing a sharp correction. The majority of the cryptocurrencies in the top 15 ranking by market capitalization are in the red, often in the double-digit range. Total market capitalization shrank nearly 8 percent overnight. How can this development be explained?

At the time of writing, Bitcoin (BTC) is trading at around $ 43,074, down over 7 percent on the day. DeFi top dog Ethereum (ETH) is currently at around 3,446 US dollars and has had to accept a price drop of almost 10 percent in the last 24 hours.

In the top 15 ranking of cryptocurrencies by market capitalization, Solana (SOL), Polkadot (DOT), Terra (LUNA), Avalanche (AVAX) and Polygon (MATIC) even recorded corrections in the double-digit range.

The crypto market has not had it easy since the beginning of 2022. It was only on Tuesday that Kosovo announced that it would take legal action against Bitcoin mining with immediate effect. Political instability prevails in Kazakhstan, which is reflected in a falling Bitcoin hashrate in the country. A problem, since Kazakhstan has become the exile of many Chinese miners.

Reason for the recent Crypto crash could also where the Fed published material of the Federal Open Market Committee are meeting last December. The document shows that some members of the Assembly want to reduce the Fed's bond holdings and raise interest rates ahead of schedule.

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