Bitcoin Sees Panic Selling, Wall Street Ends Worst Week In 2 Years

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Last Updated on 22 January 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Poor Joe Biden. Not only did he, in a clear moment of weakness, admit this week that a limited invasion of Ukraine by Russia would not necessarily get a reaction from the US, he’s also overseeing falling stock markets.

In conjunction with the Nasdaq and tech stocks seeing a sea of red, the outlook for the CoinMarketCap top 100 was even worse. As cryptocurrencies have no built-in trading stops which halt the exchange of coins after a 10% fall, some of them saw sheer panic selling.

The memes about Bitcoin and crypto panic selling were far and wide on Twitter and other social media platforms yesterday as Wall Street ended its worst week since the start of the pandemic deep in the red.

Biggest fear of investors is the fact that the Fed has indicated it would stop printing money and raise interest rates in 2022, all in order to fight rising inflation.

In our view, the biggest near-term risk is right in front of us: that the Fed is seriously behind the curve and has to get serious about fighting inflation,” analyst Ethan Harris of Band of America claimed. “It has been a long time since markets have had to deal with a serious inflation-fighting Fed.

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Bitcoin to $35k?

Over in the cryptosphere, the projections are even worse, with no clear indication of an end in sight to the pullback at this point. Just yesterday, an UBS report claimed that crypto winter had now officially begun.

Pankaj Balani, CEO of crypto platform Delta Exchange, foresaw a further fall in the coming days, stating:

We expect BTC to find a bid around the $35K mark, close to 50% from the top. In the short term, we can bounce to challenge the $45K-$50K zone, but the overall outlook remains bearish as liquidity remains tight.