Crypto meltdown continues as Goldman says Fed may tighten more than forecast. reports godbole17
Bitcoin, ether and the broader crypto market faced another wave of selling during Monday's European hours as U.S. stock index futures erased early gains, signaling an extension of last week's risk declines.
Bitcoin fell to $33,600, the lowest level since July 24, even as technical indicators signaled oversold conditions.The native token of Ethereum's blockchain has lost 38% this month. Its daily chart shows an impending death cross, a bearish crossover of the 50- and 200-day moving averages.The latest round of sell-off comes after Goldman Sachs predicted a faster pace of Fed tightening if inflation continues to rise.
“We see a risk that the [Federal Open Market Committee] will want to take some tightening action at every meeting until the inflation picture changes,” Goldman economist David Mericle noted in Saturday's client note,
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