The cryptocurrency market fell 3% in 24 hours as financial markets plunged following comments from the US Federal Reserve. Market capitalization fell to $3.51 trillion, dropping below $3.48 trillion at its lowest point, the lowest level in more than a week. The Cryptocurrency Fear and Greed Index fell to 75, also the lowest since December 11th.
Bitcoin (BTC) rebounded slightly after falling 5.5% the previous day, trading around $102,000 on Thursday. Whales, corporations, and institutional investors took advantage of the recent selloff and added BTC to their holdings. However, traders should remain cautious as Bitcoin's network realized profit and loss (NPL) indicator is showing signs of profit taking.
BitMEX CEO Arthur Hayes has proposed that the United States devalue the price of gold and establish a Bitcoin reserve to foster economic growth. Hayes suggests in his latest article that this bold move could allow the Treasury Department to quickly generate dollar credits that can be used to purchase Bitcoin (BTC). He believes this approach will strengthen the economy and secure America's position as the world's financial leader.
