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Seeking Alpha 2022-01-05 20:43:30

Bitcoin dips below $45K following hawkish Fed minutes; U.S. dollar turns higher

The trade-weighted U.S. dollar outshines bitcoin (BTC-USD) after the Federal Open Market Committee minutes revealed that faster rate hikes may be necessary to offset surging inflation. Bitcoin (BTC-USD -4.2%), the world's largest digital currency by market cap, dips below its key $45K technical level to as low as $43.6K per token, now changing hands at $44.3K. The crypto is trading about 5% below its 200-day simple moving average (on a 52-week time frame). In fact, the global crypto market slides more than 3% intra-day, with ethereum (ETH-USD -5.0%), binance coin (BNB-USD -4.3%), solana (SOL-USD -5.9%), cardano (ADA-USD -4.3%) and ripple (XRP-USD -4.1%) all falling. Bitcoin is "not loving a hawkish Fed today," with "institutional involvement up, correlation to broader markets up," Exante Data Founder Jens Nordvig writes in a Twitter post. Similarly, Gold (XAUUSD:CUR) is falling - not to the same degree as BTC - still above its key $1.8K per ounce support level.

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