{"id":2205,"date":"2021-12-19T09:28:48","date_gmt":"2021-12-19T09:28:48","guid":{"rendered":"http:\/\/egrowonline.com\/?p=2205"},"modified":"2021-12-19T09:28:48","modified_gmt":"2021-12-19T09:28:48","slug":"exchange-ceo-warns-2022-could-see-bitcoin-crash-amid-huge-ethereum-bnb-solana-cardano-and-xrp-sell-off","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=2205","title":{"rendered":"Exchange CEO Warns 2022 Could See Bitcoin Crash Amid Huge Ethereum, BNB, Solana, Cardano And XRP Sell-Off"},"content":{"rendered":"


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Bitcoin and cryptocurrency prices have fallen sharply this week, with the combined value of the crypto market losing almost $1 trillion since its peak in November.<\/p>\n

Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover hot new NFT and crypto blockbusters poised for 1,000% gains’<\/em><\/a><\/p>\n

The bitcoin price has fallen to lows of just over $45,000 per bitcoin, a more than 30% decline from an all-time high of almost $70,000 last month. Meanwhile, other major cryptocurrencies, including ethereum, Binance’s BNB, solana, cardano and Ripple’s XRP have also struggled\u2014all dropping double-digit percentages from their highs. <\/p>\n

Now, as bitcoin, ethereum and other cryptocurrencies fall in the face of global central bank policy tightening along with global stock markets and other assets, the chief executive of the U.S.-based Kraken crypto exchange has warned he thinks the bitcoin price could fall dramatically in 2022.<\/p>\n

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MORE FROM FORBES<\/span>‘Much Higher Potential’-Elon Musk Reveals Why He’s Backing Dogecoin Over Bitcoin And Ethereum Amid Huge Crypto Price Crash<\/span>By Billy Bambrough<\/span><\/small><\/span><\/span><\/a> <\/p>\n

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The bitcoin price has struggled to hold on to gains it made earlier this year, with its decline … [+]<\/span> weighing on the price of ethereum, Binance’s BNB, solana, cardano and Ripple’s XRP. <\/span><\/p>\n

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“A lot of people see anything under $40,000 as a buying opportunity,” Kraken CEO Jesse Powell said in an interview with Bloomberg<\/em><\/a> this week, adding the bitcoin price could drop to below $40,000 this winter. <\/p>\n

“I was personally buying when we dipped back close to $30,000, a few months ago. A lot of people have some dry powder on the sidelines just waiting to come back in at rock bottom prices.”<\/p>\n

Earlier this year, Powell made headlines when he predicted the bitcoin price could hit $100,000 before the end of 2021.<\/p>\n

“It\u2019s hard to know where [the bitcoin price] goes,” Powell said, but couching that he’s still bullish on bitcoin in the long term. “When you look at a long-term trendline of bitcoin and it\u2019s just up consistently. I always tell people, ‘If you think about buying bitcoin, think about it as a five-year plus investment.'”<\/p>\n

Earlier this month, other bitcoin and crypto market watchers began calling out some of the more ambitious bitcoin price predictions. “$100,000 by the end of the year is a difficult prediction to make. I think $100,000 could be in target in 2022 but this year, I\u2019m not so sure,” Bitwise chief investment officer Matt Hougan said in an interview<\/a>. <\/p>\n

CryptoCodex<\/em><\/strong><\/a>\u2014A free, daily newsletter for the crypto-curious<\/strong><\/p>\n

MORE FROM FORBES<\/span>U.S. Could ‘Embrace Crypto In 2022’-Huge Bitcoin And Ethereum Price Prediction Revealed<\/span>By Billy Bambrough<\/span><\/small><\/span><\/span><\/a> <\/p>\n

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The bitcoin price has been on a downward trend for the last month, dropping more than 20% in just … [+]<\/span> the last 30 days and adding a broader crypto rout that’s hit ethereum, Binance’s BNB, solana, cardano, and XRP. <\/span><\/p>\n

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Others are taking a watch-and-see approach to the bitcoin price as the U.S. Federal Reserve and other central banks around the world move to taper their Covid-19 pandemic stimulus measures. <\/p>\n

“The downward trajectory pertaining to bitcoin currently remains intact as market participants continue to price in fundamentals,” Tammy Da Costa, analyst at DailyFX, wrote in emailed comments. <\/p>\n

“For much of this year, rising inflation has supported bitcoin prices allowing it to climb to yet another all-time high just last month. However, with global policymakers now expressing a more hawkish tone, bitcoin prices have stabilized above $45,000 which continues to provide support for the imminent move.”<\/p>\n

This week, the Federal Reserve said it’s expecting to raise interest rates three times in 2022 and will accelerate the winding down of its huge bond-buying policy in the face of soaring inflation that’s hit a 40-year high. <\/p>\n

“Much like gold and other safe-haven assets, investors have used bitcoin against rising inflation,” added Da Costa. <\/p>\n

“With higher interest rates and a faster pace of tapering now expected to proceed, further rate hikes may pose as an additional catalyst for price action over the longer term. From a technical aspect, the fact that prices have retraced by over 20% since the November high confirms that bitcoin has entered into a bear market. Although price action is currently trading within a well-defined range, bulls may struggle to regain control over the systemic, prominent trend, at least for now.”<\/p>\n<\/div>\n


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Bitcoin and cryptocurrency prices have fallen sharply this week, with the combined value of the crypto market losing almost $1 trillion since its peak in November. Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover hot new NFT and crypto blockbusters poised for 1,000% gains’ The bitcoin price has fallen to lows of just […]<\/p>\n","protected":false},"author":1,"featured_media":1075,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[44],"tags":[50,564,266,467,1000,158,53,640,251,84,954,58],"class_list":["post-2205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ada","tag-bitcoin","tag-bnb","tag-cardano","tag-ceo","tag-crash","tag-ethereum","tag-exchange","tag-huge","tag-selloff","tag-solana","tag-warns","tag-xrp"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2021\/12\/0x0.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/2205","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2205"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/2205\/revisions"}],"predecessor-version":[{"id":2206,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/2205\/revisions\/2206"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/1075"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2205"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}