Legendary Bitcoin bully Peter Schiff gave members a possible reason. Twitter of him on the reasons behind the biggest correction in the market. cryptocurrency this year
Schiff views Bitcoin’s fall as a direct link to the Fed’s actions on risky assets such as: cryptocurrencies and some stocks Jerome Powell had previously hinted that the decline could occur faster than the market had expected.
The Fed’s monetary policy committee voted to keep the short-term interest rate unchanged at 0.00-0.25 percent at its Nov. 3 meeting and to cut its QE line of $15 billion a month starting from the month. Nov Onwards, the aforementioned reduction in QE limits will cause the Fed to end QE altogether in mid-2022.
All the actions the Fed is taking are designed to curb inflation. The United States’ gross domestic product (GDP) is nearing pre-COVID-19 levels. amid widespread inflationary pressures
While high-risk assets such as Bitcoin and other digital assets are considered store of value for those looking to protect their capital from rising inflation, Schiff is a well-known critic who he believes. Crypto should not be considered a hedge against inflation due to its high volatility.
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