This year has been nothing short of a blood bath for bitcoin. The market has not seen a bitcoin (BTC) price this low since July last year. Corrections in 2017, and early 2021 were much shallower – between 20 and 40 percent, whilst July 2021 reached a drawdown of about 54 percent, according to fresh data out of Glassnode.
According to market analysts, there are two main reasons behind the latest draw-down, the most important being hawkish signals from the U.S. Federal Reserve ushering in several increases to the U.S. interest rate. While the Fed warned of three possible rate hikes during 2022, a Goldman Sachs report predicted a faster pace of Fed tightening if inflation continues to rise. The inflation rate in the U.S. was at seven percent year-over-year in December, a rate not seen since the early 1980s.
Heightened geopolitical tensions between the U.S. and Russia
The second reason for bitcoin price drop, adding to bearish pressures around risk assets in general, seems to be the heig
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