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Bitcoin down amid crypto carnival in Miami

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News of officials planning to shrink the Fed’s balance sheet by US$95 billion a month weighed on risk assets globally including Bitcoin which dropped about 5% Thursday early morning Asia time.

See related article: Bitcoin, crypto market on the rise along with global markets

Fast facts

  • Bitcoin fell as much as 4.7% on sell off in risk assets following release of the minutes of the US Federal Reserve’s meeting in March.
  • BTC is now down 4.4% to US$43,278.07, after some bottom-buying by investors. 
  • Other cryptocurrencies, including Ethereum, Terra, Binance Coin, Solana, mirrored Bitcoin’s movement, with Dogecoin down almost 12%.
  • This comes as Bitcoin 2022, the largest annual gathering of crypto enthusiasts, is underway in Miami.  
  • Enthusiasts remain unfazed. Miami Mayor Francis Suarez called for a “pro-Bitcoin” president to take office. 

See related article: How Bitcoin could become the collateral layer for the digital asset economy



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