“Things Can Always Get Worse” cryptomarketbag

Two Major Cryptocurrency Influencers Say “Things Can Always Get Worse” As Bitcoin Crashes Below $19,000 Overnight

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Yuri Molchan

Two Major Cryptocurrency Influencers Say “Things Can Always Get Worse” As Bitcoin Crashes Below $19,000 Overnight

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IT engineer Billy Marcus, who co-founded the original meme coin DOGE with Jackson Palmer in 2013 as a parody on bitcoin, took to Twitter to summarize recent developments in the world and the crypto industry, saying that “things can always be bad,” followed sarcastically by a thumbs-up emoji. That statement provoked a reaction from centbillionaire Elon Musk.

Things are getting worse for bitcoin, not just bitcoin

On Wednesday, the Federal Reserve raised the interest rate by 75 basis points, as expected by many market experts, along with an extension of the European conflict.

Following the news, major digital currency bitcoin declined below the $19,000 level to form a low of $18,293. So far, BTC has managed to recover and is exchanging hands at $19,113 after reaching $19,220 earlier today.

Citing the Federal Reserve’s report, Chinese crypto journalists and Blogger Colin Wu wrote That “inflation remains high, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and wider price pressures.”

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The Fed has been raising interest rates regularly since May this year, putting additional pressure on riskier assets, including bitcoin.

Here’s when BTC will start rising: Novogratz

Mike Novogratz, the head of Galaxy Digital Fund and former fund manager at Goldman Sachs, said in a recent interview that bitcoin will eventually start going up after the Fed shifts its policy from hawkish and back to monetary easing.

After trading at similar levels in July, bitcoin managed to reach the $24,000 level in August and the $24,588 peak in the first half of September.



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