Fed preview: Powell to trigger “healthy pullback” in bitcoin, experts say. $BTC trading up about 0.5%, while $ETH was up 0.9%. Equities closed up as investors eyed the Fed's Wednesday decision about a potential interest rate hike. _jocelynyang_ reporting
Both of the largest cryptocurrencies by market capitalization are trading much higher than they were during crypto's darkest days last year. Below is a listing of the five worst trading days of 2022 for both BTC and ETH. The assets have been highly correlated and so the lists overlap. Both lists also correspond to days of massive uncertainty around the solvency and operations of several crypto institutions.
BTC's worst 2022 trading day was a 16% decline on June 13, coinciding with Celsius Network's announcement that it was pausing investor withdrawals. ETH's worst trading day was a 17.5% decline on Nov. 9, when Binance retreated from a deal to acquire troubled crypto exchange FTX. BTC and ETH have surpassed the closing prices on those beleaguered days with investors seemingly having already pivoted from negative contagion of those events to focus on more currently relevant factors, such as inflation numbers and the next Fed interest rate announcement.
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